Investment manager and author Lawrence Lepard said bitcoin’s price near $59,000 is trading at one of its cheapest historical levels relative to a widely followed power-law model. In a recent appearance on the RE:Bitcoin podcast with host Chase Palmieri, Lepard also criticized the U.S. Federal Reserve, alleging the central bank is misleading markets under its current leadership.
Interview highlights
Lepard, author of “The Big Print,” told RE:Bitcoin that he believes the Federal Reserve is “running a deliberate deception on markets,” characterizing policy communications as inconsistent with underlying actions. He framed this environment as a source of ongoing uncertainty for risk assets and monetary hedges.
Bitcoin valuation view
Discussing bitcoin’s current price positioning, Lepard argued that BTC around $59,000 sits among its historically cheapest readings when measured against a power-law model often used by long-term analysts. Power-law models attempt to map bitcoin’s multi-year price trajectory as a function of time and network growth, offering a framework to evaluate whether spot prices trade above or below a long-term trend.
Policy criticism and market backdrop
Lepard linked his market outlook to central bank policy, alleging the Fed’s approach contributes to distorted market signals. While he did not provide specific price targets, his comments underscored a view that bitcoin’s long-term investment case is shaped by macro policy dynamics and perceived mispricings relative to historical trend models.
Lepard is an investment manager known for macro commentary and is the author of “The Big Print.” RE:Bitcoin is an interview series hosted by Chase Palmieri covering developments across the bitcoin ecosystem.