Charles Schwab’s Jim Ferraioli estimates Bitcoin fair value at $95,000

One of Wall Street’s biggest brokerages just put a number on Bitcoin’s “fair value,” and the methodology is refreshingly boring. Jim Ferraioli, Charles Schwab’s Director of Digital Currencies Research and Strategy, pegs Bitcoin’s fair value at $95,000, based not on technical chart patterns or crypto Twitter sentiment, but on something far more tangible: what it costs the least efficient miners to produce a single coin. The mining cost framework Using Glassnode data, the model identifies two key tiers. Efficient miners, those running modern hardware in low-cost energy environments, produce Bitcoin at roughly $60,000 per coin. Inefficient miners, operators with older rigs or higher electricity bills, face production costs around $95,000. The $95,000 figure for inefficient miners is the one Ferraioli treats as the near-term fair-value reference, typically accompanied by a small premium. The logic mirrors commodity pricing: if it costs $95,000 to mine, the market price should trade at or above that level to keep the network’s broader mining base economically viable. The $60,000 efficient-miner threshold functions as a fundamental support level, the price floor below which even the most...