# BitcoinValuation

#BitcoinValuation

*How US Strategists Are Valuing Bitcoin in 2026*

In 2026, “number go up because halving” isn’t a valuation model anymore. US strategy desks are using 3 frameworks to price Bitcoin:

#### *1. Digital Gold Model*
BTC as 5-10% of gold’s market cap. If gold is ∼$15T, that puts BTC at $150K-$300K. This is the long-term bull case and what many endowments use for 10-year allocations.

#### *2. Macro Liquidity Model*
Price = f(Fed balance sheet, real yields, DXY). When global M2 expands and real rates fall, BTC outperforms. When TIPS yields spike like they did to 3%, BTC