Fidelity\'s Jurrien Timmer: Bitcoin (BTC) Is \"Exponential Gold,\" Network Growth Slowdown Reason Behind Underperformance

Jurrien Timmer, director of global macro at Fidelity Investments, claims that he views Bitcoin, the leading cryptocurrency by market capitalization, as "exponential gold."

Jurrien Timmer, the director of global macro at Fidelity Investments, has likened Bitcoin to “exponential gold.” The macro expert took to social media to share his thoughts on the leading cryptocurrency, highlighting its slowing network growth as a factor impacting its price performance.

In his posts on social media, Timmer discussed Bitcoin's price action and network adoption. He noted that while the cryptocurrency has seen a strong rise in adoption, it has slowed down recently. According to Timmer, this slowing network growth could be a factor in Bitcoin's recent underperformance.

“In my view, this divergence between price and adoption could explain why Bitcoin has slowed down a bit along its path to potential new all-time highs. The pendulum will only swing so far,” he stated.

Timmer's observations come as Bitcoin's price experienced volatility this week. After paring significant losses on Wednesday with the release of lower-than-expected US inflation data, some hawkish comments from Federal Reserve Chair Jerome Powell put a damper on the bull run.

At the time of writing, Bitcoin is trading at $66,794 on the Bitstamp exchange.

News source：https://www.kdj.com/cryptocurrencies-news/articles/fidelity-jurrien-timmer-bitcoin-btc-exponential-gold-network-growth-slowdown-reason-underperformance.html

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