Fideltiy director: $ 100,000 BTC by 2023, Bitcoin can not see its strength

Fidelity Investments director of global macro Jurrien Timmer appeared on CNBC today to discuss his bitcoin price prediction models, market outlook, and opinion on the current rally. Timmer shared a bearish prediction for BTC, bullish inclinations towards the dollar as the world's reserve currency, and a profound misunderstanding of the relationship between Bitcoin and gold.

Timmer said the over 30 percent rally that Bitcoin has experienced this month had not been fueled by momentum traders, indicating that it is being driven by organic spot demand instead and can be extended further. The director sees bitcoin reaching $100,000 by 2023.

"This has not been a momentum-fueled run by short-term speculators, so that gives me some confidence that this actually is a pretty sustainable move and is not a bubble that is about to burst," Timmer told CNBC. "The trajectory is up and so far there really is no evidence that this is a bunch of momentum chasers bringing this up to $57,000."

When asked about Bitcoin's relationship with gold, Timmer said that despite their differences, both are complimentary. The Fidelity director acknowledges the superiority of Bitcoin but fails to realize that it will naturally supersede the inferior store of value that is gold.

Source : bitcoinmagazine.com