Bitcoin: The Next Apple? Fidelity Macro Expert Predicts BTC’s Rise Could Mirror Apple’s 80,000% Surge Since Dot-Com Burst
Jurrien Timmer says that Bitcoin (BTC) has the potential to be corresponding to the “Apple” of the cryptocurrency world.
As of press time, Apple(AAPL) is buying and selling at $180.09, up practically 80,345% from its 2002 closing value of $0.22.
Jurrien Timmer, director of a world macro, at Fidelity Investments, expressed an interesting perspective on the current situation of Bitcoin by way of a sequence of tweets. Within the tweet thread, Timmer in contrast the unpredictable cryptocurrency and the rise and fall sample seen within the dot-com period, indicating that Bitcoin could also be on the verge of experiencing a resurgence.
In that course of, the long-term winners, comparable to Apple and Amazon, have been separated from the losers. The similar has up to now confirmed to be true for crypto. If we assume Bitcoin is the Apple of the digital-asset age, then it may make sense that Bitcoin not solely survives the crypto…
— Jurrien Timmer (@TimmerFidelity) May 31, 2023
This statement comes when the digital asset faces a tough patch, with its present buying and selling worth at $27,054. This marks a lower of about 60% from its peak worth of $69,044 in November 2021, as reported by CoinGecko. Timmer in contrast Bitcoin to aspirational cash, just like how gold has at all times been acknowledged as a reliable retailer of intrinsic price over a few years.
I don’t see many individuals paying for his or her Starbucks with gold cash, so gold is generally a retailer of worth as of late…
As well as, he acknowledged that Bitcoin possesses distinctive qualities attributable to its inherent shortage and the adoption trajectory of disruptive expertise setting it aside as a very distinctive asset. Taking into consideration the dot-com bubble that occurred within the late Nineteen Nineties.
Timmer noticed that the bubble induced quite a few unqualified shares to skyrocket to astronomical ranges. Solely to subsequently plummet in worth, usually dropping the bulk or entirety of their price when the bubble finally burst.
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He acknowledged {that a} similar pattern could possibly be noticed throughout the cryptocurrency world, however he additionally highlighted that amidst the turmoil, there have been long-term winners, comparable to Apple and Amazon, that managed to rise above the destruction.
Timmer means that Bitcoin (BTC) has the potential to be corresponding to the “Apple” of the cryptocurrency world. “The same has so far proven to be true for crypto. If we assume Bitcoin is the Apple of the digital-asset age, then it could make sense that Bitcoin not only survives the crypto winter but even thrives and takes market share from other digital assets.”
Supply: Jurrien Timmer/Twitter
By placing Bitcoin’s current chart onto the charts of Apple and an web inventory index from twenty years in the past, it appears that evidently Timmer is implying that BTC has exhibited relative value actions to the 2 throughout that interval. The government from Fidelity drew a parallel between the trajectory of Bitcoin and the adoption curves seen within the historic improvement of cellphones and the web.
Timmer added that the amount of Bitcoin addresses holding a steadiness better than $1 falls beneath the adoption ranges noticed within the cell phone mannequin and barely beneath the extra cautious mannequin of web adoption. As of press time, Apple(AAPL) is buying and selling at $180.09, up practically 80,345% from its 2002 closing value of $0.22.
Moreover, Bitcoin is at present buying and selling at $27,088.Bitcoin’s value efficiency over the previous 12 months has displayed various traits. Notably, within the final 5 days, there was a lower of 4.2%. During the last thirty days, the decline continues with a lower of three.9%.
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Nevertheless, zooming out to the final six months, there was a major enhance of 59.4%. But, contemplating your entire twelve-month interval, Bitcoin has skilled a lower of 11.4%. These fluctuations point out the volatility and dynamic nature of the cryptocurrency market.
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