Crypto News

BTC Will Reach $100K in The Next Couple of Years

Jurrien Timmer – Fidelity’s Director of Global Macro – believes bitcoin will commerce at $100,000 by 2023. Regarding its correlation with gold, he mentioned each property are “different players in the same team.”

The Road to $100K

Bitcoin’s worth has been, and likely will stay, one of the most popular subjects in the cryptocurrency space. Future predictions are additionally incessantly mentioned, and the tip of 2021 is the following time goal, which many proponents and analysts see bitcoin tapping $100,000.

Such is the case with Bloomberg’s Senior Commodity Strategist – Mike McGlone. Last month, the skilled took into consideration bitcoin’s rising adoption and declining energetic provide to foretell that it’s going to land at $100,000 by the tip of 2021.

Jurrien Timmer – Fidelity’s Director of Global Macro – additionally believes BTC might go right into a six-digit territory, however his timeframe is bigger. In a current interview with CNBC, he indicated that BTC’s USD worth can have 5 zeros 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.”

Timmer additionally touched upon one other standard matter – the correlation between the first cryptocurrency and gold. He mentioned the 2 property aren’t rivals however “two different players in the same team.” However, he would really choose to match the cryptocurrency with the multinational tech large – Apple:

“I’ve got another study where I compare it actually to Apple’s network, its valuation, and its size.”

Jurrien Timmer, Source: Twitter

BTC And The Dollar

On one other be aware, Timmer opined that bitcoin will stay linked “in some way” to the American greenback. He added that, as of the second, the main digital asset is “kind of clunky, slow, and not very stable.” As such, it doesn’t threaten the dominance of the US nationwide forex:

“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.”

Fidelity’s Director additionally talked about the 2 property final month when airing his ideas about El Salvador’s bitcoin adoption. He known as the nation’s determination “new and interesting development,” however believes the importance of it’s “a little bit overplayed:”

“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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