Nope. 1 bit (abbreviation for bitcoin) = 100,000,000 satoshi
100 satoshi is a mike ( abbreviation for microbitcoin)
WAY more people use bit to be 1/millionth of a BTC than 1 bit = 1 BTC. Why fight the emerging lingo when it adds to the confusion? Sure it might not be ideal but compared to the rest of the English language it fits right in!