Jurian Timmer, director of Fidelity Investments at Macro Global, appeared CNBC Today to discuss his bitcoin price forecast model, market outlook and opinion at the current rally. Timmer shared a bearish forecast for BTC, the bullish trend against the dollar as the world’s reserve currency, and deep misunderstandings about the relationship between bitcoin and gold.
Timmer said Bitcoin has rallied more than 30 percent this month that was not driven by fast traders, indicating that it is being driven by organic spot demand instead and could be further boosted. The director sees that Bitcoin has reached 100,000 by 2023.
“It’s not a dynamic driven by short-term speculators, so it gives me some confidence that it’s actually a pretty sustainable move and it’s not a bubble that’s about to burst,” Timmer said. CNBC. “The trajectory is over and so far there’s really no evidence that it’s a bunch of speed that brought it to 57 57,000.”
When asked about Bitcoin’s relationship with gold, Timmer said that despite their differences, both are admirable. The Fidelity Director acknowledges the superiority of Bitcoin but fails to realize that it will naturally remove the inferior reserves of gold value.
“Bitcoin is a convex version of gold. It has always had a low supply and Bitcoin doesn’t have the network mobility of gold, so it’s understandable that Bitcoin would be better than gold,” Timmer said. “Bitcoin and gold are two different players in the same team.”
But perhaps Timor’s shortsightedness is more clearly demonstrated with his thoughts on dimmer-bitcoin dynamics.
“I don’t really think Bitcoin threatens the dollar or the reserve status of the dollar,” he said. “Perhaps it further confirms that the dollar will maintain its reserve status … and it is still probably going to be linked to the dollar somehow.”
“The price proposal of Bitcoin is that in the end it only becomes a means of exchange from price savings and it depends on the second tier. [developments] Which is currently under construction, “the Fidelity Director added.
The second layer of Bitcoin is evolving and being widely used. In this decade, Bitcoin and Lightning will make gold obsolete and help the world understand that the dollar is a shitcoin. It is very natural that many “experts” are blinded by the dissenting advantage derived from the stagnation, failing to understand it until the last moment.