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Fidelity's Timmer Predicts Bitcoin Revival

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Wed, 31/05/2023 - 16:30
Fidelity's Timmer Predicts Bitcoin Revival
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In a recent series of tweets, Jurrien Timmer, Fidelity's director of global macro, shared an intriguing view on the current state of Bitcoin.

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Timmer drew parallels between the volatile cryptocurrency and the boom-bust cycle of the dot-com era, suggesting that Bitcoin could be poised for another revival.

This comes amid a challenging period for the digital asset, which is currently trading at $27,054. It is down approximately 60% from its all-time high of $69,044 in November 2021, according to CoinGecko.

Timmer likened Bitcoin to aspirational money, similar to gold, a store of value that has been recognized for thousands of years. "I don't see many people paying for their Starbucks with gold coins, so gold is mostly a store of value these days…" Timmer tweeted. He added that Bitcoin's built-in scarcity and adoption curve of disruptive technology make it a unique asset.

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Reflecting on the dot-com bubble of the late 1990s, Timmer noted that the bubble propelled many unqualified stocks to stratospheric heights, only for them to lose most or all of their value when the bubble burst.

He said the same trend can be observed in the crypto world but also pointed out that long-term winners, like Apple and Amazon, managed to emerge from the wreckage. Timmer boldly suggested that Bitcoin could be the "Apple" of the digital asset age.

However, the Fidelity strategist tempered his optimism with caution. He noted that Bitcoin's adoption curve has slowed down following the "crypto winter" of 2022.

The Fidelity exec compared Bitcoin's trajectory with the historical adoption curves of mobile phones and the internet. "Today, the number of Bitcoin addresses with a balance greater than $1 is well below the mobile phone model, and even slightly below the more conservative internet model," Timmer tweeted.

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