Bitwise's André Dragosch puts bitcoin's fair value at $197,000
Bitwise's head of research for Europe, André Dragosch, puts bitcoin's fair value at $197,000, arguing that a global money supply model shows the asset trading far below where liquidity conditions say it should be.
Speaking to Spencer Nichols, Dragosch described bitcoin as the canary in the liquidity coal mine: it tends to move before shifts in global liquidity rather than after them. He also pointed to capital rotating out of precious metals as a possible route for bitcoin to catch up to the money supply.
The discussion ranged across the pressures bearing on that thesis, including tightening financial conditions spreading globally, recession risk, China's slowdown and the Fed's next move against a rising debt burden. Dragosch also weighed whether bitcoin can decouple from equities and what contagion risk in the AI credit complex could mean for markets.
Looking further out, he framed bitcoin as a candidate for global money in what he called a Bretton Woods III arrangement, and as a reserve currency call option. The conversation closed on bitcoin-backed credit and the idea of Strategy operating as a bank.
The fair value figure is Dragosch's own model output and a view of Bitwise's research side, not a market forecast. According to Token Times, the opinions expressed are those of the participants.
