In this paper, we obtain asymptotic expressions for the ergodic capacity of the keyhole multiple-input multiple-output (MIMO) channel at low signal-to-noise ratio (SNR) in independent and identically distributed Nakagami-$m$ fading conditions with perfect channel state information at the transmitter and receiver. We show that the low-SNR capacity of this keyhole MIMO channel scales proportionally as $\frac{\textrm{SNR}}{4} \log^2 \left(1/{\textrm{SNR}}\right)$. Our main contribution is to identify a surprising result that the low-SNR capacity of the MIMO fading channel increases in the presence of keyhole degenerate condition, which is in direct contrast to the well-known MIMO capacity degradation at high SNR under keyhole conditions. To explain why rank-deficient keyhole fading channel outperforms the full-rank MIMO fading channel at sufficiently low-SNR, we remark that the rank of the MIMO channel matrix has no impact in the low-SNR regime and that the double-faded (or double-scattering) nature of the keyhole MIMO channel creates more opportunistic communications at low-SNR when compared with pure MIMO fading channel which leads to increased capacity. Finally, we also show that a simple one-bit channel information based on-off power control achieves this low-SNR capacity; surprisingly, this power adaptation is robust against both moderate and severe fading for a wide range of low SNR values. These results also hold for the keyhole MIMO Rayleigh channel as a special case.