Bitcoin Fair Value Pegged at $197,000 by Bitwise Research
André Dragosch, Director and Head of Research at Bitwise, believes Bitcoin's fair value is significantly higher than its current price. According to his research, Bitcoin could be undervalued relative to global liquidity, with an equilibrium price of $197,000 being the fair value.
This estimate is based on Bitwise's global money-supply model, which suggests that while the S&P 500 and gold are trading above their implied liquidity values, Bitcoin remains below its modeled fair value. Dragosch also points out that a potential trigger for a policy shift could be stress in bonds and equities.
He argued that the Fed and other major central banks remain on a collision course with markets as elevated interest rates tighten financial conditions. A larger equity correction could increase recession and financial-stability risks, potentially pushing the Fed toward a pause or eventual pivot.