Jurrien Timmer, Director of Macroeconomic Research at Fidelity Investments, is confident that the situation in the crypto market is not a bubble, but Bitcoin is growing due to organic demand for the asset.
Jurrien Timmer, head of macroeconomic research at Fidelity Investments, predicted in an interview with CNBC that the price of bitcoin could reach $ 100,000 by 2023.
Fidelity Investments is one of the world’s largest asset management companies with $ 4.2 trillion under management.
According to Timmer, the situation on the crypto market is not like a bubble, and the rise in the price of bitcoin by more than a third since the beginning of October is caused by the organic growth in demand for the asset. Timmer is confident that the rise in the value of bitcoin can continue in the future.
“This is not an impulse from short-term speculators, so I am somewhat confident that this is a fairly steady move, and not a bubble that is about to burst,” said a spokesman for Fidelity Investments.
Timmer also expressed the opinion that the development and adoption of bitcoin does not threaten the US dollar and its status as a world currency. The adoption of cryptocurrencies ensures that the US dollar maintains a leading position, Timmer argues.
In mid-September, Bloomberg ‘s chief commodity strategist Mike McGlone confirmed his forecast that by the end of this year, the price of bitcoin will rise to $ 100 thousand.
According to the McGlone , the trend for the introduction of cryptocurrencies, which is observed in 2021, will help to reach this mark for the first cryptocurrency.
On the night of October 14, the bitcoin rate on the Binance crypto exchange rose above $ 58.5 thousand. The first cryptocurrency renewed its price maximum since May 10, the asset is traded at $ 57.4 thousand.
