Bitcoin’s price and fluctuations have always been a hot topic in the crypto industry.
Crypto analysts and Bitcoin supporters continue to talk about the levels at which Bitcoin will be traded in the future.
Jurrien Timmer, Fidelity’s Global Macro Director, said in a recent interview with CNBC that he believes Bitcoin will trade at $100,000 by 2023.
Arguing that Bitcoin will reach $100,000, like many analysts, Timmer underlined that, unlike other analysts, there is a longer time for this target.
Emphasizing that gold and Bitcoin are like “two different players on the same team,” Timmer argued that there is actually no competition between them. He continued by stating that he prefers to compare the leading cryptocurrency not with gold, but with technology giant Apple:
“I have another study comparing it to the Apple network, value and size.”
Is Bitcoin a Threat to Dollar Hegemony?
When asked about the CNBC reporter’s comment on the adoption of Bitcoin by countries like El Salvador, Timmer replied:
I don’t think bitcoin really threatens the dollar or its reserve status. I do not believe that the hegemony of the dollar as a reserve currency is at risk.
Timmer added that although Bitcoin adoption will increase in the coming years, Bitcoin will somehow remain tied to the US dollar.
On the Bitcoin front, the positive ETF news from the SEC caused a movement in the price of Bitcoin. The leading cryptocurrency is currently trading at $60,300.
*Not investment advice.