Fidelity Director Explains Why Bitcoin Price Will Continue Increasing, Compares BTC to Apple

Constancy’s Director of International Macro – Jurrien Timmer – doubled down on his bullish forecast relating to bitcoin’s future. He predicted that the asset’s worth may enhance considerably within the following years repeating Apple’s rise to dominance.

Evaluating Bitcoin to Apple

The infamous volatility within the cryptocurrency market stays an impediment for a lot of traders to enter the house and offers the critics sufficient causes to bash the trade. Bitcoin, for one, traded between $30,000 and $69,000 throughout 2021. Nevertheless, a lot of its proponents attribute the improved worth fluctuations to the truth that it’s nonetheless in its early days of existence.

In his most up-to-date Twitter thread, Constancy’s high govt – Jurrien Timmer – opined that the first cryptocurrency’s demand curve is heading “up and to the fitting.” He additional in contrast bitcoin’s development to Apple’s rise to community supremacy.

What issues most is the place the demand curve goes, and the reply continues to be “up and to the fitting.” Under we see that the variety of Bitcoin addresses (with a price of greater than zero) continues to maneuver larger, following a easy energy regression curve. /2 pic.twitter.com/L2qplNUNxH

— Jurrien Timmer (@TimmerFidelity) February 17, 2022

He identified that the tech big’s trailing gross sales have surged by 53 occasions since 1996. Furthermore, its market worth has skilled a 1699-fold development, whereas its shares worth has grown 1457 occasions, Timmer added.

Whereas on bitcoin, he outlined that it has elevated its worth by greater than 640,000x since 2011. Regardless of claiming that the main digital asset and Apple are “completely different animals,” Timmer stated they each observe the same path “as dictated by their community development.” To gauge the expansion in each situations, he utilized the famed Metcalfe’s legislation.

The founding father of SkyBridge Capital – Anthony Scaramucci – additionally likes evaluating bitcoin to massive companies these days. A number of months in the past, he stated that the asset reminds him of Fb, Google, and Amazon, all of which “began with a wave of oscillating volatility earlier than they stabilized.”

BTC to Attain $100K

In October final 12 months, Timmer forecasted that the main cryptocurrency may go right into a six-digit territory by 2023:

“I’ve a provide mannequin and a requirement mannequin, and the following and final time these two fashions intersect is at round $100,000 in a few years.”

Thus, he joined the likes of El Salvador’s President Nayib Bukele and Nexo’s Co-Founder Antoni Trenchev. The previous believes that BTC will attain this milestone by the tip of 2022, whereas the latter sees this occurring mid-year.

In keeping with strategists at JPMorgan & Chase, the cryptocurrency may even hit $150,000. They didn’t present an actual timeframe for the event, saying it might happen within the “long run.”