Capriole Founder Says Bitcoin’s ‘Energy Value’ Puts Price at $167.8K

Aug 08, 2025

Edwards said the current Bitcoin price of around $116,000 is roughly 45% below where it should be based on the model.

Bitcoin is trading at a steep discount to its “energy value,” a proprietary metric from Capriole Investments that places the cryptocurrency’s fair value at up to $167,800, according to the firm’s founder, Charles Edwards.

Bitcoin Valuation Model Links Price to Mining Cost and Scale

The model ties Bitcoin’s worth directly to the cost and scale of mining activity.

If miners were to shut down entirely, the metric suggests Bitcoin would be worth zero. Instead, record hashrates, the computing power securing the network, point to a strong valuation.

Glassnode data shows Bitcoin’s hashrate recently hit 1.031 zettahashes per second, reaching an all-time high on August 4.

Pension Funds Could Push Bitcoin to $200K by 2025

Standard Chartered, in a February note, projected Bitcoin could reach $200,000 by the end of 2025, with pension funds expected to be key drivers.

“We expect institutional flows into Bitcoin in 2025 to exceed 2024 levels,” the bank wrote, pointing to long-only funds such as state pensions as the next major inflow source.

In June, Billionaire Philippe Laffont, founder of Coatue Management, also included Bitcoin in his “Fantastic 40,” a handpicked list of what he considers the top investment opportunities for the next five years.

The hedge fund billionaire ranked Bitcoin alongside Microsoft, Nvidia, Amazon, and Meta, notably excluding Apple and Google from his top five.

Source >> Capriole Founder Says Bitcoin’s ‘Energy Value’ Puts Price at $167.8K