Jurrien Timmer, head of global macro at Fidelity Investments, claims that sees Bitcoin, the leading cryptocurrency by market cap, as “exponential gold.” “In my opinion, bitcoin is exponential gold and an aspiring player on the store of value team,” he said.
Jurrien Timmer, head of global macro at Fidelity Investments, claims that sees Bitcoin, the leading cryptocurrency by market cap, as “exponential gold.” “In my opinion, bitcoin is exponential gold and an aspiring player on the store of value team,” he said.
The reason behind Bitcoin’s poor performance
In his social media posts, Timmer also addressed Bitcoin’s recent underperformance.
He believes slowing network growth is the reason why the leading cryptocurrency failed to gain significant traction after reaching its current peak of $73,737 in March.
Gamza Khanzadaev“In my opinion, this divergence between price and adoption could explain why Bitcoin has slowed a bit on its way to possible new all-time highs. The pendulum will only swing so far,” Timmer said.
Timmer has predicted that the leading cryptocurrency could hit new all-time highs only if network growth somehow accelerates again.
Alex DovbnyaOverall, the growth of the Bitcoin network is driven by the inherent scarcity of the cryptocurrency, the monetary and political cycle, and investor sentiment, according to the Fidelity executive.
Bitcoin’s volatile week
On Wednesday, the price of Bitcoin suddenly pared large losses recorded earlier this week due to lower-than-expected US inflation. However, some hawkish comments made by Federal Reserve Chairman Jerome Powell hurt the bulls.
At the time of this publication, the cryptocurrency is changing hands at $66,794 on the Bitstamp exchange.
