Charles Schwab: Bitcoin's Price Floor Is Energy

Jim Ferraioli, Director of Digital Currencies Research at Charles Schwab, has put a surprisingly physical frame around Bitcoin's market value: energy. In comments to Bloomberg, he said Schwab's crypto investment framework centers on miner metrics, including the electricity and infrastructure costs required to produce each coin. With Bitcoin trading around $62,000 to $63,000, the argument feels a little less theoretical and a little more like a stress test you can hear humming from the substation.

Ferraioli said the most efficient miners can currently produce one Bitcoin for about $60,000, while the average