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The Rise of Bitcoin Does Not Threaten USD, According to Fidelity Investments Director


dailyhodl.com 15 October 2021 11:30, UTC
Reading time: ~2 m

An executive at Fidelity Investments says that Bitcoin (BTC) may reach $100,000 by 2023, but that won’t threaten the value of the US dollar (USD).

In a new interview with CNBC’s “Squawk on the Street,” Fidelity Investments director of global macro Jurrien Timmer predicts that the largest crypto asset by market cap could be valued at $100,000 within the next two years.

 

“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.

But 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’s latest BTC price prediction follows a June about-face after he previously said the crypto would fall as low as $23,000.

When CNBC co-anchor Morgan Brennan asked if BTC’s recent global use cases, such as El Salvador’s adoption of the cryptocurrency on a national scale, threatens the value of the USD, Timmer replied,

“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.

And actually, I’ve heard the point made that maybe it actually further ensures that the dollar will maintain its reserve status…”

BTC is trading at $57,427 at time of writing, up 37.9% over the past fourteen days, according to CoinGecko.


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