Bitwise Europe Research Head Puts Bitcoin Fair Value at $197,000

Bitwise Director and Head of Research for Europe André Dragosch put BTC’s model-based fair value at $197,000, tying the estimate to a global money supply model as he discussed liquidity’s role in crypto markets.

Dragosch described Bitcoin as tending to move ahead of changes in global liquidity. The discussion also covered tighter financial conditions, the dollar, Federal Reserve policy and recession risks, including in China.

Other topics included contagion risk in AI-related credit and whether Bitcoin may decouple from stocks. Dragosch also discussed whether capital rotating out of precious metals could help Bitcoin catch up with the money supply.