Fidelity Manager Jurrien Timmer Discusses the Path to a New ATH in Bitcoin!
After Bitcoin’s all-time high in March, investors are eagerly awaiting the next milestone. Fidelity Investments global macro director, Jurrien Timmer, believes that a significant event needs to occur for Bitcoin to achieve a new all-time high.
According to Timmer, Bitcoin adoption must increase in order for the cryptocurrency to see new highs. While acknowledging a slowdown in network growth, Timmer points out the discrepancy between the price and adoption of Bitcoin, stating that this mismatch is hindering the path to a new ATH.
Timmer also argues that Bitcoin can rival gold as a store of value, attributing the rise in Bitcoin’s price to its scarcity and the monetary policies of the Federal Reserve. He emphasizes that Bitcoin’s price is primarily driven by network growth, scarcity, and market sentiment.
With the increase in US debt and the decline in GDP, Timmer suggests that people may turn to assets like Bitcoin, potentially accelerating the growth of the cryptocurrency’s network.
Please note that this information is not investment advice. For those interested in investing in over 300 cryptocurrencies, a 20% commission discount can be obtained by registering with Binance exchange through the provided link.
Stay updated with exclusive news, analytics, and on-chain data by following our Telegram and Twitter accounts.