Inventor of Bollinger Bands Signals Potential Upside Breakout for Bitcoin
Fidelity Leader Jurrien Timmer Labels Bitcoin as ‘Exponential Gold
(Originally posted on : Crypto News – iGaming.org )
Jurrien Timmer, Director of Global Macro at Fidelity Investments, provides a distinct viewpoint on Bitcoin in a world where conventional financial assets are being redefined. He compares it to a “exponential gold.” This comparison highlights the possibility that, under certain economic circumstances, the value appreciation of cryptocurrencies may surpass that of gold, the traditional precious metal.
The financial world has been talking about Bitcoin lately because of its increasing value and possible use as a hedge against economic instability in addition to being a digital money. Supporters of bitcoin contend that under periods of extreme inflation, negative real interest rates, and a constantly growing money supply, it can act as a safe haven.
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This point of view makes comparisons to past times, particularly the 1970s and 2000s, when gold became a dependable asset to protect wealth. According to Timmer’s viewpoint, Bitcoin may potentially outperform gold in terms of asset growth and protection in the past.
Timmer’s Bold Prediction
Jurrien Timmer has almost thirty years of experience at Fidelity, so his optimistic view on Bitcoin is well-founded. He made a daring prediction in 2021 that the price of Bitcoin (BTC) may reach $100,000 by 2023. This estimate is a substantial increase above Bitcoin’s current price of about $34,920.
Fidelity has more to do with cryptocurrencies than just speculate on them. Fidelity Digital Assets, the company’s specialized section, provides custody and trading services for Ethereum (ETH) and Bitcoin. A noteworthy development earlier in the year was the covert expansion of Fidelity Digital Assets to offer bitcoin services to retail users, indicating a rising appetite for and acceptance of digital assets.
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Fidelity has also been aggressively pursuing regulatory clearance for cryptocurrency-based financial products. After attempting to launch an exchange-traded fund (ETF) for spot Bitcoin in 2021, the business has again applied.
The aggressive stance taken by Fidelity is a component of a larger industry trend. Big asset managers like BlackRock, WisdomTree, and Invesco are also waiting impatiently for the Securities and Exchange Commission to rule on their applications for several Bitcoin ETFs.
The progressive stance of Fidelity Investments and Jurrien Timmer’s assessment of Bitcoin as a “exponential gold” highlight the cryptocurrency’s potential to transform conventional investment strategies and function as a dependable store of value in a constantly shifting financial environment. It is evident that Fidelity is putting itself at the forefront of this game-changing financial paradigm as Bitcoin continues to gain traction.