- Jurrien Timmer says that Bitcoin (BTC) has the potential to be comparable to the “Apple” of the cryptocurrency world.
- As of press time, Apple(AAPL) is trading at $180.09, up nearly 80,345% from its 2002 closing price of $0.22.
Jurrien Timmer, director of a global macro, at Fidelity Investments, expressed a fascinating perspective on the present condition of Bitcoin through a series of tweets. In the tweet thread, Timmer compared the unpredictable cryptocurrency and the rise and fall pattern seen in the dot-com era, indicating that Bitcoin may be on the verge of experiencing a resurgence.
In that process, the long-term winners, such as Apple and Amazon, were separated from the losers. 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…
— Jurrien Timmer (@TimmerFidelity) May 31, 2023
This observation comes when the digital asset faces a rough patch, with its current trading value at $27,054. This marks a decrease of about 60% from its peak value of $69,044 in November 2021, as reported by CoinGecko. Timmer compared Bitcoin to aspirational money, similar to how gold has always been recognized as a trustworthy store of intrinsic worth over many years.
I don’t see many people paying for their Starbucks with gold coins, so gold is mostly a store of value these days…
In addition, he stated that Bitcoin possesses distinctive qualities due to its inherent scarcity and the adoption trajectory of disruptive technology setting it apart as a truly unique asset. Taking into account the dot-com bubble that occurred in the late 1990s.
Timmer observed that the bubble caused numerous unqualified stocks to skyrocket to astronomical levels. Only to subsequently plummet in value, often losing the majority or entirety of their worth when the bubble eventually burst.
He acknowledged that a similar pattern could be observed within the cryptocurrency world, but he also highlighted that amidst the turmoil, there were long-term winners, such as Apple and Amazon, that managed to rise above the destruction.
Timmer suggests that Bitcoin (BTC) has the potential to be comparable 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.”
By putting Bitcoin’s present chart onto the charts of Apple and an internet stock index from two decades ago, it seems that Timmer is implying that BTC has exhibited relative price movements to the two during that period. The executive from Fidelity drew a parallel between the trajectory of Bitcoin and the adoption curves seen in the historical development of mobile phones and the internet.
Timmer added that the quantity of Bitcoin addresses holding a balance greater than $1 falls below the adoption levels observed in the mobile phone model and slightly below the more cautious model of internet adoption. As of press time, Apple(AAPL) is trading at $180.09, up nearly 80,345% from its 2002 closing price of $0.22.
Additionally, Bitcoin is currently trading at $27,088.Bitcoin’s price performance over the past 12 months has displayed varying trends. Notably, in the last five days, there has been a decrease of 4.2%. Over the last thirty days, the decline continues with a decrease of 3.9%.
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However, zooming out to the last six months, there has been a significant increase of 59.4%. Yet, considering the entire twelve-month period, Bitcoin has experienced a decrease of 11.4%. These fluctuations indicate the volatility and dynamic nature of the cryptocurrency market.
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