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Jurrien Timmer, the Director of Global Macro at Fidelity Investments, has stated that Bitcoin will still reach $100,000. However, he has stated that the primary cryptocurrency needs an additional two years to reach those prices.
According to Timmer, the coin will reach the speculated $100,000 by 2023. He also stated that Bitcoin and gold are assets that are “different players in the same team.”
Bitcoin’s Journey to $100K
The price of Bitcoin usually causes debates across the crypto charts. The future prediction of this coin is something that has always caused tough discussions. The current debate is on the future price of Bitcoin by the end of 2021, with many analysts believing that the coin will touch $100,000 by the end of the year.
Mike McGlone, a senior Commodity Strategist at Bloomberg, has supported the claims that the coin will reach $100,000 by the end of the year. McGlone stated that the growing adoption and declining supply would enable the coin to make massive gains.
However, according to Timmer, Bitcoin could reach $100,000, but not as soon as predicted. Instead, the coin will reach the six-digit levels by 2023. “I have a supply model and a demand model, and the next and last time that those two models intersect is at around $100K in a couple of years,” he said.
He further addresses another crucial topic in the crypto space: the relationship between Bitcoin and gold. He noted that the two assets could not compete because they are different players in the same team. However, he noted that Bitcoin could be compared against Apple in terms of valuation and size.
Bitcoin’s Connection with the USD
Timmer also stated that Bitcoin would in some way remain connected to the US dollar. He noted that Bitcoin is currently slow and not stable, which does not threaten the dominance of the USD.
“I really don’t think bitcoin threatens the dollar or the dollar’s reserve status. I don’t think the dollar’s hegemony as a reserve currency is at risk at all,” Timmer stated.
This is not Timmer’s first time addressing Bitcoin. Last month, he spoke about El Salvador’s move to accept Bitcoin as legal tender. He noted that the adoption was an interesting development, but its significance was “overplayed.”
He also added that “It’s not like El Salvador has dropped the US dollar as its peg – it’s not like it switched from dollars as its currency peg to Bitcoin. It still has the dollar, and people can decide to be paid in dollars. So, this is a voluntary thing essentially.”
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