The next apple? Fidelity’s macro expert predicts that BTC’s surge could mirror Apple’s 80,000% surge since the dot-com breakout

• Jurrien Timmer says Bitcoin (BTC) has the potential to be comparable to the “apple” of the cryptocurrency world.
• At press time, Apple (AAPL) is trading at $180.09, up almost 80,345% from the 2002 close of $0.22.

Jurrien TimmerDirector of Global Macro at Fidelity Investments, offered a fascinating perspective on the current state of Bitcoin through a series of tweets. In the tweet thread, Timmer compared the unpredictable cryptocurrency to the rise and fall pattern of the dot-com era and hinted that Bitcoin could be on the verge of a resurgence.

In the process, long-term winners like Apple and Amazon were separated from losers. The same has been true for crypto so far. If we assume that Bitcoin is the Apple of the digital asset age, then it might make sense that Bitcoin doesn’t just outlive crypto…

— Jurrien Timmer (@TimmerFidelity) May 31, 2023

This observation comes at a time when the digital asset, which currently trades at $27,054, is facing a rough patch. According to CoinGecko, that represents a drop of about 60% from the November 2021 high of $69,044. Timmer compared Bitcoin to ambitious money, much like gold has always been recognized as a trusted store of intrinsic value for many years.

I don’t see many people using this to pay for their Starbucks gold coinsTherefore, gold is primarily a store of value these days…

Additionally, he explained that due to its inherent scarcity and the proliferation of breakthrough technologies, Bitcoin possessed special qualities that made it a truly unique asset. Considering the dot-com bubble of the late 1990s.

Timmer found that the bubble caused numerous unqualified stocks to skyrocket. Only to subsequently lose value, often losing most or all of its value when the bubble eventually bursts.

Follow us for the latest crypto news!

He acknowledged that a similar pattern This can be seen in the cryptocurrency world, but he also stressed that amidst the turmoil, there are long-term winners like Apple and Amazon who have managed to rise above the destruction.

Timmer points out that Bitcoin (BTC) has the potential to be comparable to Bitcoin (BTC). “Apple” the world of cryptocurrencies. “The same has been true for crypto so far. If we assume that bitcoin is the apple of the digital asset age, then it might make sense that bitcoin not only survives the crypto winter, but actually thrives, taking market share from other digital assets.”

Source: Jurrien Timmer/Twitter

By comparing the current Bitcoin chart to Apple’s charts and an internet stock index from two decades ago, Timmer seems to indicate that BTC has shown relative price movements to the two over this period. Fidelity’s CEO drew a parallel between the development of Bitcoin and the adoption curves in the historical development of mobile phones and the Internet.

Timmer added that the number of bitcoin addresses with balances greater than $1 is below the mobile phone model’s adoption rates and slightly below the more cautious internet adoption model. At press time, Apple (AAPL) is trading at $180.09, up almost 80,345% from the 2002 close of $0.22.

Additionally, Bitcoin is currently trading at $27,088. The price development of bitcoin in the last 12 months showed different trends. Notably, it has seen a 4.2% drop over the past five days. Over the past thirty days, the decline continued with a 3.9% drop.

No spam, no lies, just insights. You can unsubscribe at any time.

However, looking at the last six months, there is a significant increase of 59.4%. However, looking at the full 12-month period, Bitcoin saw an 11.4% drop. These fluctuations indicate the volatility and dynamics of the cryptocurrency market.

Crypto News Flash does not endorse and is not responsible or liable for the content, accuracy, quality, advertising, products or other materials on this site. Readers should do their own research before taking any action related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers