A report from asset manager Bitwise indicates that Bitcoin is currently trading at a 66% discount to its estimated fair value of $270,000. This valuation is based on a liquidity model that considers global monetary expansion, including $1.9 trillion in U.S. Treasury issuance and $110 billion in Japanese fiscal stimulus. In contrast, gold is deemed overvalued by 75% according to the same metrics. The report highlights the potential for Bitcoin's price to align with its fair value as global liquidity continues to expand, presenting a unique investment opportunity.