Fidelity Investments Exec Says Bitcoin Is Not “A Bubble That’s About To Burst”

In a recent interview, Jurrien Timmer, Director of Global Macro at Fidelity Investments, talked about Bitcoin’s growth.

Lats Wednesday (October 13), Timmer said during an interview with CNBC’s “Squawk on the Street” that Bitcoin is not a bubble and he could see the Bitcoin price reaching $100K by 2023.

As reported by The Daily Hodl, Timmer told the show’s host: 

It’s not a bubble that’s about to burst. 100k, and I know better than to make bold price predictions on the air, and certainly Twitter will do that for me anyway, so I don’t need to.

Timmer also said that he had a supply and demand model that predicted Bitcoin’s price would rise to $100K within the next couple of years. The Fidelity executive had previously predicted Bitcoin’s price would fall to $23k at the beginning of June amidst a wide sell-off for cryptoassets.

Timmer was also asked by CNBC co-anchor Morgan Brennan whether Bitcoin’s rising global adoption, including El Salvador recognizing BTC as legal tender, posed a threat to fiat.

Timmer replied that Bitcoin did not pose a threat to the dollar’s hegemony as a reserve currency despite what some members of the crypto community believe: 

I really don’t think Bitcoin threatens the dollar or the dollar’s reserve status. I know that’s a common narrative among the hardcore Bitcoiners, and I do not subscribe to that at all.

Rather than threatening the dollar, Timmer posed the viewpoint that Bitcoin could actually “further ensure” the dollar’s status as the world’s reserve currency.

https://youtube.com/watch?v=66XLnFCn4mI%3Ffeature%3Doembed

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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