Now and then I see articles in the media telling us that a bank or economist has published a report estimating the fair value of Bitcoin. In February 2022, JPMorgan published such a report on the fair value of Bitcoin:

I am sure you have read this type of article in the past. You will read more in the future as well because banks or funds love to publish them. In my opinion, this type of article is of little interest because there is no such thing as the fair value of Bitcoin.

It is meaningless. There is simply the price you are willing to pay for what Bitcoin offers you. Period.

Some people will be willing to pay $39K, which is its current price on the spot market, while others will not. But in the end, this does not mean that the fair value of Bitcoin is $39K or $20K or $50K. To me, Bitcoin is undervalued in terms of the 3 fundamental freedoms it gives you:

• Freedom to send BTC.

• Freedom to receive BTC.

• Freedom to HODL BTC.

Combined, these three freedoms allow you to live your life on your own terms. So I'm willing to buy Bitcoin when its price is $39K. I was also willing to buy it at $50K. What matters to me is not the price I pay for my Bitcoin, but rather accumulating as much of it as possible to protect the fruits of my labor from the ravages of inflation in a censorship-resistant manner.

Because that's all I care about with Bitcoin. That the guarantees Bitcoin gives me don't change. And that's what makes the Bitcoin network so valuable, with its protocol that has remained unchanged since its creation. If this mutual trust were to be broken, my relationship with Bitcoin would necessarily change. But I'm sure that won't happen because no one has an interest in it.

No one has an interest in changing Bitcoin's monetary policy or its maximum bid of 21 million BTC. It would undermine everything that over 130 million people have already adopted Bitcoin for. This revolution would not allow it.

However, this is just my opinion. The fair value of Bitcoin depends on the individual. Each user may or may not find sufficient reason to buy Bitcoin. Rather than letting banks or funds decide for you whether or not it is time to buy Bitcoin with this concept of fair value, you should ask yourself the right question:

Do I need to protect the fruits of my labor in the world's most secure decentralized network?

If the answer is yes, then you know you should buy Bitcoin. If the answer is no, then you probably believe in one of the 10 statements I detail here:

In Bitcoin We Trust Newsletter

Trust, Don’t Verify – Do Not Buy Bitcoin if You Agree With Any of These 10 Statements

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14 days ago · 3 likes · Sylvain Saurel

So you're not afraid of inflation, the corruption of our leaders, the flaws in the system, or maybe you think that recurring wars are normal. If that's your worldview, you'll probably prefer to stick to the reports of bankers and other financiers when it comes to your position on Bitcoin.

That's right, as always, because it is your money at the end of the day, but you'll miss the point: the liberating power of the Bitcoin revolution. It's up to you!

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