The figure is from a theoretical model proposed by Greg Foss in 2021 that treats bitcoin as a credit default swap on G20 sovereign bonds. A Bitwise Europe report estimates a theoretical fair value of about $224,000 per coin, while stressing this is an illustrative figure rather than a price target. The report argues that rising sovereign stress—highlighted by record Japanese bond yields, elevated sovereign risk premia and mounting global borrowing—could bolster bitcoin’s appeal as a decentraliz…
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