According to reports, the Federal Reserve released a new Bitcoin research report "The Bitcoin–Macro Disconnect". The report is 31 pages long. Neither the nor the macroeconomic news." The report concludes in detail, “We model Bitcoin as an asset with no intrinsic value whose price is determined by the discounted value of its future price. We find that Bitcoin is unresponsive to both monetary and macroeconomic news. In particular, the results of Bitcoin being unresponsive to currency news are puzzling, as it casts doubt on the role of the discount rate in Bitcoin pricing. However, given the short sample used in the analysis, more evidence is needed to assess The disconnect between Bitcoin and macroeconomic fundamentals."