The next apple? Fidelity Macro Expert Predicts BTC’s Rise Could Mirror Apple’s 80,000% Rise Since Dot-Com Breakout

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Jurrien Timmer says that Bitcoin (BTC) has the potential to be comparable to the “Apple” of the cryptocurrency world. At press time, Apple (AAPL) is trading at $180.09, up nearly 80,345% from its closing price of $0.22 in 2002.

Jurrien Timmer, director of a global macro, Fidelity Investments, expressed a fascinating perspective on the current state 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 a resurgence.

In this process, the long-term winners, like Apple and Amazon, were separated from the losers. So far, the same has held true for crypto. If we assume that Bitcoin is the Apple of the digital asset era, it might make sense that Bitcoin not only survives crypto

— Jurrien Timmer (@TimmerFidelity) May 31, 2023

This observation comes when the digital asset is facing a tough time, with its current trade value of $27,054. This marks a decrease of around 60% from its peak value of $69,044 in November 2021, as reported by CoinGecko. Timmer likened Bitcoin to ambitious money, in the same way that gold has always been recognized as a reliable store of intrinsic value for 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

Further, he said Bitcoin has distinctive qualities due to its inherent scarcity and disruptive technology adoption trajectory that sets it apart as a truly unique asset. Considering the dotcom bubble that happened in the late 1990s.

Timmer observed that the bubble caused many unqualified stocks to skyrocket to astronomical levels. Only to then fall in value, often losing most or all of their value when the bubble eventually bursts.

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He acknowledged that a similar pattern could be seen in the cryptocurrency world, but he also pointed out that amid the turmoil there were long-term winners, such as Apple and Amazon, who managed to overcome the destruction.

Timmer suggests that Bitcoin (BTC) has the potential to be comparable to the “Apple” of the cryptocurrency world. So far, the same has held true for crypto. If we assume that Bitcoin is the Apple of the digital asset era, it might make sense that Bitcoin not only survives the crypto winter, but even thrives and takes market share from other digital assets.

Source: Jurrien Timmer/Twitter

Putting Bitcoin’s current chart on top of Apple’s charts and an internet stock index from two decades ago, it seems that Timmer is implying that BTC has exhibited price movements relative to both during this time period. The Fidelity executive drew a parallel between Bitcoin’s trajectory and the adoption curves seen in the historical development of mobile phones and the internet.

Timmer added that the amount of Bitcoin addresses holding a balance greater than $1 falls below the adoption levels seen in the mobile phone model and slightly below the more cautious internet adoption model. At press time, Apple (AAPL) is trading at $180.09, up nearly 80,345% from its closing price of $0.22 in 2002.

Additionally, Bitcoin is currently trading at $27,088. Bitcoin’s price performance over the past 12 months has exhibited varying trends. Notably, in the past five days, there has been a 4.2% decline. Over the last thirty days, the decline continues with a drop of 3.9%.

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However, zooming back to the last six months, there was a significant increase of 59.4%. Yet, considering the entire twelve-month period, Bitcoin was down 11.4%. These fluctuations indicate the volatility and dynamic nature of the cryptocurrency market.

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