One Fidelity Investments executive, Jurrien Timmer, has dubbed Bitcoin “exponential gold.”
A recent blog post by Fidelity Investments’ director of global macro, Jurrien Timmer, praised Bitcoin as “exponential gold,” a reference to the digital asset’s ability to increase in value exponentially.
In fact, the executive wrote, “Bitcoin’s limited supply and steep adoption curve make it potentially a powerful hedge against financial fraud.” Jurrien said that Bitcoin’s acceptance trajectory resembled various S-curves throughout history.
The CEO claims that by 2021, Bitcoin use has skyrocketed, much like the S-curve for mobile phones in the 1980s and 1990s. This “was promising,” he remarked. However, he said that the adoption curve had leveled down after the crypto winter.
Additionally, Jurrien said that Bitcoin popularity is currently on a curve with internet adoption of 200. He went on to remark that since its bull market in 2021, the digital asset hasn’t made much headway.
The CEO anticipated that by 2021, Bitcoin will have surpassed gold in terms of market value. Additionally, he anticipated that the crypto asset’s price will reach a high of $100,000 by 2023.
Meanwhile, among the major financial institutions in the United States, Fidelity has applied for a spot Bitcoin exchange-trusted fund. The business joined others including BlackRock, WisdomTree, and Invescos, who together manage over $4.5 trillion in assets, in waiting for a ruling from the U.S. Securities and Exchange Commission.
According to recent rumors, the SEC may have changed its mind on Bitcoin ETFs and approve one before the year is up. Analysts agree that this kind of green light would be great for the cryptocurrency business and pave the door for greater acceptance.
According to statistics from CoinMarketCap, Bitcoin’s price remains stable around $34,000. The value of the cryptocurrency has dropped by 2.08% in the previous day, mirroring a general market downturn. Bitcoin is now the biggest cryptocurrency network due to its $674 billion market worth.
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