André Dragosch: Why Bitcoin's Fair Value is $197,000

This interview features Andre Dragosch from Bitwise, who analyzes the complex interactions between macroeconomic indicators and asset performance. The discussion centers on the impact of the US 10-year Treasury yield on equity risk and how this relationship functions as a potential trigger for central bank policy shifts. Dragosch provides insights into Bitcoin's changing market role, noting that while historically correlated with tech beta, it is increasingly decoupled from S&P 500 movements. He discusses his research on how institutions, even when managing large portfolios, have not divested from Bitcoin despite high volatility. The interview also covers the potential for a 'supercycle' in the dollar and the implications of this for Bitcoin's fair value, estimated in his research at $197,000, while emphasizing that macro-factors are key to understanding current market dynamics.