Bitwise director says bitcoin fair value is $197,000
André Dragosch of Bitwise set a $197,000 fair-value estimate for bitcoin, citing global liquidity and a shift away from precious metals.
Key takeaways
- 1André Dragosch set bitcoin's fair value at $197,000
- 2Bitcoin price was $77,887 on 2 Nov 2026
- 3Market capitalisation stood at $1.566 trillion
- 4Model links price to global money supply and liquidity
- 5Estimate is internal and not a regulatory price target
Bitwise director André Dragosch said bitcoin's fair value stands at $197,000 in an interview with Bitcoin Magazine on Thursday, 2 November 2026.
Dragosch, head of research for Bitwise in Europe, explained his model ties bitcoin's price to the global money supply and liquidity conditions. He described the cryptocurrency as a canary in the liquidity coal mine.
He said tighter financial conditions worldwide, a weakening dollar and capital rotating out of precious metals all point to a higher equilibrium for bitcoin, which he estimates at $197,000 today.
At the time of the interview, bitcoin was trading at $77,887, unchanged over 24 hours, with a market capitalisation of $1.566 trillion, according to YourKhabri data.
Dragosch said the gap between current price and his fair-value estimate reflects a lag in capital flows. He added that a shift in Fed policy or a recession could accelerate the move toward the $197,000 level.
Bitwise has not filed any formal price target with regulators. The figure is an internal research estimate. Traders will watch liquidity indicators and Fed announcements for signs that the model's assumptions are materialising.
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Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.