Investors See Bitcoin Undervalued as Warsh Nears Fed

Coinbase released its Q2 2026 Charting Crypto report on April 28. The survey of more than 91 global investors found 75% of institutional respondents and 61% of non‑institutional respondents view Bitcoin as undervalued while the token trades below $80,000. Only 7% of institutional and 11% of non‑institutional participants labeled Bitcoin overvalued.

David Duong, Coinbase’s global head of research, said those figures were largely unchanged from a December 2025 survey.

The report was published as the Federal Reserve undergoes a leadership transition. Jerome Powell chaired his final Federal Open Market Committee meeting on April 29 and left the policy rate at 3.50%–3.75%. Powell will remain on the Fed’s Board of Governors after his chairmanship ends on May 15; his board term runs through January 2028. Senator Thom Tillis has signaled he will advance Kevin Warsh’s nomination, making a confirmation vote likely in the coming weeks.

Analysts said whether Powell remains on the board could affect how quickly and how far policy shifts under a new chair. Matt Weller warned that proposals associated with Warsh, including removing the dot plot and changing the Fed’s inflation measure, would face greater friction if Powell remains a governor.

Coinbase’s report kept a neutral outlook for crypto in Q2 and cited geopolitical and economic risks, including the conflict in the Middle East. The International Monetary Fund recently trimmed its 2026 global growth forecast from 3.4% to 3.1%. Oxford Economics warned that a severe oil supply shock could reduce growth to as low as 1.4% if major economies entered recession.

Adrian Fritz, chief investment officer at 21Shares, said spot Bitcoin exchange‑traded funds have attracted nearly $2 billion year‑to‑date. Fritz added that daily trading volume for Bitcoin now exceeds $50 billion and rivals that of large-cap equities, and he described the ETF inflows as structural. He noted that large asset managers such as Morgan Stanley are increasing crypto exposure.

Market participants pointed to steady ETF inflows, widespread investor conviction that Bitcoin is undervalued and the Fed leadership transition as developments they are monitoring. Participants also noted that geopolitical events and macroeconomic shocks could affect investor behavior in the near term.

Krishna Guha, vice chairman at Evercore ISI, commended Powell for lowering inflation without triggering a recession and for his professionalism during a contested period for central bank independence.