According to Jurrien Timmer, director of global macro at Fidelity Investments, bitcoin will hit $100,000 in two years. Jurrien thinks bitcoin will reach $100,000 by 2023. In terms of its relationship to gold, he said that the two assets are “different players on the same team.”
Bitcoin’s price has been, and most likely will continue to be, a hot subject in the cryptocurrency community. Future forecasts are also widely discussed, with the next time goal set for the end of 2021, when many proponents and experts believe bitcoin will reach $100,000.
This is the situation with Mike McGlone, Bloomberg’s Senior Commodity Strategist. Last month, the expert predicted that bitcoin will reach $100,000 by the end of 2021, based on increasing usage and dwindling active supply.
Jurrien Timmer, Fidelity’s Director of Global Macro, thinks BTC may potentially reach six digits, albeit on a longer timescale. He recently said in an interview with CNBC that BTC’s USD value would reach five zeros by 2023:
“I have a supply model and a demand model, and the next and final time those two models will cross is in a few of years at approximately $100K.”
Timmer also discussed another hot subject — the connection between bitcoin and gold. He said that the two assets are not rivals but rather “two distinct players on the same squad.” He would, however, rather compare Bitcoin to the global technology behemoth Apple: “I’m working on another research in which I compare it to Apple’s network, value, and size.”
The Bitcoin And The Dollar
On a related issue, Timmer predicted that bitcoin would stay “in some manner” linked to the US dollar. He said that the top digital asset is now “a little awkward, sluggish, and not particularly reliable.” As such, it poses no danger to the US national currency’s dominance:
“I really believe that bitcoin poses no danger to the dollar or to the dollar’s reserve position. I do not believe that the dollar’s hegemony as a reserve currency is under jeopardy.”
Additionally, Fidelity’s Director highlighted the two assets last month while discussing El Salvador’s acceptance of bitcoin. He described the decision as a “new and fascinating development,” but thinks its importance is “a little bit exaggerated:”
“It’s not as if El Salvador abandoned the US dollar as its peg – it’s not as if it moved from the dollar to Bitcoin as its currency peg. It retains the dollar, and individuals may elect to be compensated in dollars. Thus, this is basically a voluntary activity.”
Also Read: Senator Cynthia Lummis Comes In Support Of Bitcoin
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