Bitwise pegs Bitcoin's fair value at $224,000 using a sovereign default-risk model as global bond yields surge and OECD projects $29 trillion in 2026 borrowing.

Bitwise analysts say rising sovereign debt levels and bond-market stress may benefit Bitcoin in the long term, with one valuation model suggesting a fair value near $224,000.

Bitwise pegs Bitcoin's fair value at $224,000 using a sovereign default-risk model as global bond yields surge and OECD projects $29 trillion in 2026 borrowing.

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.

Bitcoin pulled back to $72K in May as ETF outflows hit $1B, but holders added 125K BTC near historical valuation lows.