What happened
Andre Dragosch, head of research for Europe at Bitwise, said Bitcoin's fair value sits at $197,000 in a video interview with Bitcoin Magazine's Patrick Green published Tuesday. The segment walked through his macro framework: rising 10-year U. S.
Treasury yields, the stock-market drawdowns that follow rapid yield spikes, and the setup for a Federal Reserve pivot that he argued is the mechanical launch pad for Bitcoin. Dragosch did not attach a timeline to the $197,000 figure. He framed it as a valuation output, the level his model prints today, not a forecast for a given quarter.
Bitcoin Magazine is the primary source for the on-record number, and the video is the only Dragosch appearance carrying this specific figure on Tuesday.
Why it matters
Dragosch is not a retail voice. Bitwise runs one of the U. S.
spot Bitcoin ETF products, and its research desk is cited across institutional coverage. When its head of research publishes a fair-value tag that sits well above spot, allocators read it. The number itself matters less than the framework behind it.
Dragosch is anchoring the call on macro plumbing, the 10-year yield and the Fed reaction function, rather than on-chain metrics or ETF flow math. That's a specific bet: Bitcoin's next repricing comes from rates, not from a supply-side catalyst. If he's right, the catalyst is a policy meeting, not a halving anniversary or a wallet flow.