Fidelity’s Director of Global Macro – Jurrien Timmer – doubled down on his bullish forecast regarding bitcoin’s future. He predicted that the asset’s price might increase significantly in the following years repeating Apple’s rise to dominance.
Comparing Bitcoin to Apple
The notorious volatility in the cryptocurrency market remains an obstacle for many investors to enter the space and gives the critics enough reasons to bash the industry. Bitcoin, for one, traded between $30,000 and $69,000 during 2021. However, many of its proponents attribute the enhanced price fluctuations to the fact that it is still in its early days of existence.
In his most recent Twitter thread, Fidelity’s top executive – Jurrien Timmer – opined that the primary cryptocurrency’s demand curve is heading “up and to the right.” He further compared bitcoin’s growth to Apple’s rise to network supremacy.
What matters most is where the demand curve is going, and the answer continues to be “up and to the right.” Below we see that the number of Bitcoin addresses (with a value of more than zero) continues to move higher, following a simple power regression curve. /2 pic.twitter.com/L2qplNUNxH
— Jurrien Timmer (@TimmerFidelity) February 17, 2022
He pointed out that the tech giant’s trailing sales have surged by 53 times since 1996. Moreover, its market value has experienced a 1699-fold growth, while its shares price has grown 1457 times, Timmer added.
While on bitcoin, he outlined that it has increased its price by more than 640,000x since 2011. Despite claiming that the leading digital asset and Apple are “different animals,” Timmer said they both follow a similar path “as dictated by their network growth.” To gauge the growth in both scenarios, he applied the famed Metcalfe’s law.
The founder of SkyBridge Capital – Anthony Scaramucci – also likes comparing bitcoin to giant corporations nowadays. Several months ago, he said that the asset reminds him of Facebook, Google, and Amazon, all of which “started with a wave of oscillating volatility before they stabilized.”
BTC to Reach $100K
In October last year, Timmer forecasted that the leading cryptocurrency could go into a six-digit territory by 2023:
“I have a supply model and a demand model, and the next and last time those two models intersect is at around $100,000 in a couple of years.”
Thus, he joined the likes of El Salvador’s President Nayib Bukele and Nexo’s Co-Founder Antoni Trenchev. The former believes that BTC will reach this milestone by the end of 2022, while the latter sees this happening mid-year.
According to strategists at JPMorgan & Chase, the cryptocurrency could even hit $150,000. They did not provide an exact time frame for the development, saying it would occur in the “long term.”