Jurrien Timmer – Director of Global Macro at Fidelity – believes that bitcoin will trade at $100,000 by 2023. Regarding its relationship to gold, he said that both assets are “different players on the same team.”
The road to 100 thousand dollars
Bitcoin price has been, and will likely continue to be, one of the hottest topics in the cryptocurrency space. Future forecasts are also frequently discussed, and the end of 2021 is the next time target, which many proponents and analysts see as Bitcoin exploiting $100,000.
Such is the case with Bloomberg’s chief commodity strategist – Mike McGlone. Last month, the expert took into account the rising adoption of Bitcoin and declining active supply to predict that it will drop to $100,000 by the end of 2021.
Jurrien Timmer, Director of Fidelity Global Macro, also believes that BTC could go into the six-figure territory, but its time frame is larger. In a recent interview with CNBC, he noted that the value of BTC in US dollars will have five zeros by 2023:
“I have an offer form and an order form and the next and last time these two intersect is about $100,000 in two years.”
Timmer also touched on another popular topic – the relationship between the underlying cryptocurrency and gold. He said the two originals are not rivals but “different players on the same team”. However, he actually prefers to compare the cryptocurrency with the multinational tech giant – Apple:
“I have another study where I actually compare it to the Apple network, its rating, and its scale.”
Bitcoin and the dollar
On the other hand, Timmer saw that Bitcoin will continue to be “somehow” linked to the US dollar. He added that as of now, the leading digital assets are “kind of silly, slow, and very unstable.” As such, it does not threaten the dominance of the national currency of the United States:
“I really don’t think bitcoin threatens the dollar or the dollar’s reserve position. I don’t think the dollar’s dominance as a reserve currency is ever under threat.”
The Fidelity director also mentioned the asset last month when broadcasting his thoughts on the adoption of bitcoin in El Salvador. He called the country’s decision a “new and interesting development”, but thought the significance of this was “a little exaggerated”:
“It’s not as if El Salvador has given up the US dollar as its currency peg – it is not as if it has switched from the dollar as it has pegged its currency to bitcoin. It still has dollars, and people can decide to be paid in dollars. So, this is a voluntary thing in the foundation “.
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