Jurrien Timmer, one of the directors of Fidelity Investments, says that as the adoption rate increases, the price of Bitcoin (BTC) will increase exponentially.
In a new interview, Timmer stated that Bitcoin is following the same growth path as Apple, the world’s largest company in terms of market capitalization.
“I compared the overall network impact for Bitcoin with the network impact of Apple computers. As Apple increases its revenues, its stock price increases exponentially. Bitcoin is following the same path.”
The global macro director of Fidelity Investments says that unlike other crypto assets, Bitcoin is in a class of its own.
“Maybe other digital assets will do better [compared to Bitcoin] because they are more scalable but also maybe less decentralized. That’s why I can say that Bitcoin is a store of value like gold. And the rest of the digital asset space is more like a venture asset.”
Timmer also says that Bitcoin is currently in the same phase as gold in the 1970s, when the price of the precious metal was highly volatile.
“I think of bitcoin as being where gold was in the 1970s. Gold has turned from being a currency into an asset class. And it went through price discovery. He was a young man, approaching his age. It was very volatile, very high, but it also had very big, very big downsides. Bitcoin does the same thing.”
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