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Bitcoin's Exponential Network Growth Explored by Fidelity Exec

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Thu, 7/12/2023 - 20:15
Bitcoin's Exponential Network Growth Explored by Fidelity Exec
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Fidelity's Jurrien Timmer shared his fresh insights on Bitcoin earlier this Thursday on the X social media platform. He drew a fascinating parallel with gold by calling the flagship cryptocurrency a "precocious younger sibling." The executive also shed light on the cryptocurrency's unique characteristics and growth trajectory. 

Exponential growth 

Timmer has stressed that Bitcoin's appeal goes beyond its limited supply, a feature that has often been the focal point of discussions around its value. 

He points out that Bitcoin is not just a digital asset with a capped quantity of 21 million coins; it is also a network asset, exhibiting growth patterns similar to those seen in major technological innovations. 

This growth is characterized by what's known as an S-curve path — a concept referring to the exponential adoption phase that new technologies typically undergo. 

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Historically, this pattern has been observed in various domains, from the expansion of railway networks to the spread of cell phones and internet usage.

Some words of caution  

Drawing parallels between Bitcoin's adoption curve and those of other technological breakthroughs, Timmer cautions that forecasting Bitcoin's future price based on these comparisons is not straightforward. 

The intricate nature of power regression curves used in such analyses means that even minor deviations in the curve can lead to significantly different outcomes. 

Timmer's analysis thus presents a balanced view by acknowledging both the potential and the uncertainties surrounding Bitcoin's evolution 

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