Jurrien Timmer, Fidelity’s director of global macro and co-manager of the Fidelity Global Strategies Fund, shared his thoughts on bitcoin prices with his 56,000 Twitter followers on Monday. “In my opinion, the bottom is in,” the Fidelity official said, pointing to a Bitcoin/USD chart.
Jurrien Timmer of Fidelity Investments Attempts to Call Bitcoin’s Bottom
Bitcoin (BTC) values reached an all-time high of $64,895 per coin in mid-April, before plummeting to $30,066 per unit on May 19. Although the price of BTC has not yet fallen below the $30K mark, several speculators have anticipated that it would.
There have been some projections that BTC prices might reach $20K before the end of the year, while others remain optimistic that BTC will reach six-digit values by the end of the year. Jurrien Timmer, Fidelity’s director of global macro, tweeted on Monday that he believes bitcoin’s price has reached its lowest point.
Timmer tweeted, “In my opinion, the bottom appears to be in.” Of course, bitcoiners liked the post, which has received over 4K likes and close to 700 retweets since Timmer posted it. One person agreed with Timmer’s assessment and said, “Agreed.” “The bottom line is in.” Timmer’s chart and analysis were not universally praised. BTC might go as low as $12K, according to Macro Hedge Fund strategist Kevin Wides.
Wides responded to the Fidelity executive’s tweet by saying, “My log scale graph suggesting Bitcoin can fall below $12K is an analysis.” “I don’t give a damn where it goes because I’m neither long nor short — I won’t invest in things that can’t be valued by traditional/sustainable economic metrics,” says the author.
‘Investors May Wish to Consider Bitcoin,’ according to Timmer’s Fidelity Insights Report.
Bitcoin (BTC) and the digital currency ecosystem are popular among Fidelity Investments executives. For many years, Abigail Johnson, the CEO of Fidelity Investments, has acknowledged her obsession in bitcoin. Johnson informed delegates at a conference in 2017 that the company mined bitcoin and that staff were permitted to pay for lunch with BTC at the headquarters cafeteria. Since then, the company has launched a digital asset investing subsidiary as well as other cryptocurrency-related services.
When the company’s first bitcoin fund launched last summer, it raised $102 million from high-net-worth people. According to a report, 83 individuals contributed $102,350,437 to the Fidelity Digital Funds subsidiary. Jurrien Timmer’s tweet regarding bitcoin’s potential bottom isn’t the first time the Fidelity executive has spoken about the topic. Bitcoin’s progress has found its way into the investment portfolio, Timmer noted in a Fidelity Insights study in March.
“Bitcoin is a finite asset by design, with a unique supply and demand component, and as its network grows, bitcoin’s value and durability may grow even faster,” Timmer stated. “In my opinion, some investors may want to explore bitcoin, along with other options, as part of the bond side of a 60/40 stock/bond portfolio,” said Fidelity’s director of global macro.