Jim Ferraioli, Director of Digital Currencies Research and Strategy at Charles Schwab, estimates Bitcoin’s fair value at $95,000. This estimate is based on the production costs of the least efficient miners, whose expenses reach approximately $95,000 per bitcoin. The most efficient miners, with modern equipment and low-cost energy, produce Bitcoin at roughly $60,000, a level that also aligns with the 200-week moving average. Schwab’s model relies on Glassnode data and applies a commodities-style analytical approach. If Bitcoin trades significantly below $95,000, it would mean the market is pricing the asset below its marginal cost of production.
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