Bitwise Sets Bitcoin Fair Value at $197,000 on Global Money Supply Divergence

Bitwise Head of European Research André Dragosch estimates Bitcoin's fair value at $197,000, asserting the cryptocurrency is significantly undervalued based on global money supply and liquidity models. Dragosch cited three major catalysts that could propel the rally: central bank easing, a softening U.S. dollar, and an AI equity bubble correction. Market data shows early capital rotation as Bitcoin spot ETFs absorb inflows while semiconductor funds see outflows, and Bitcoin's correlation with the S&P 500 has sunk to its lowest level since 2015. Over the next decade, Dragosch projects Bitcoin could attain a $10 trillion market capitalization.