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On Monday, Jurrien Timmer, director of global macro at Fidelity, shared with his 56,000 followers on Twitter his take on current bitcoin prices. “In my opinion, it looks like the bottom has been hit,” explained the Fidelity executive, sharing a BTC / USD chart.
Fidelity’s Jurrien Timmer Tries To Call Bitcoin Bottom
In mid-April, bitcoin (BTC) prices hit an all-time high of $ 64,895 per coin, then fell to $ 30,066 per unit on May 19. The price of BTC did not fall below the $ 30,000 threshold, but a number of investors have speculated. that he could.
There have been some predictions indicating that BTC prices of $ 20,000 could be in the cards, while others are still hoping that BTC will hit six-digit values by the end of the year. On Monday, Fidelity’s director of global macro, Jurrien Timmer, tweeted that he believes the price of bitcoin has fallen to an all-time low.
“In my opinion, it looks like the bottom is in,” Timmer tweeted. Of course, the post was popular among bitcoiners, having garnered over 4K likes and nearly 700 retweets since Timmer’s post. One person thought Timmer’s opinion was relevant and said, “Okay. The bottom is in it. However, not everyone agreed with Timmer’s chart and analysis. Macro hedge fund strategist Kevin Wides sees BTC drop to $ 12,000.
“My newspaper scale chart showing Bitcoin may drop to $ 12,000 is an analysis,” Wides replied to the Fidelity executive tweet. “I really don’t care where this goes because I’m neither long nor short – I won’t invest in things that cannot be assessed by traditional / sustainable economic measures,” he added.
Timmer’s Fidelity Insights report: “Investors may wish to consider Bitcoin”
Many executives at Fidelity Investments are fans of bitcoin (BTC) and the digital currency economy. Abigail Johnson, CEO of Fidelity Investments, explained her fascination with bitcoin for many years now. At a conference in 2017, Johnson told attendees the company mined bitcoin and employees were allowed to pay for lunch with BTC in the headquarters cafeteria. Since then, the company has showcased its subsidiary for investing in digital assets and other services dedicated to the growing crypto economy.
The company’s first bitcoin fund raised $ 102 million from high net worth individuals when it launched last summer. A file shows that the subsidiary of Fidelity Digital Funds saw 83 investors raise around $ 102,350,437. Jurrien Timmer’s tweet on the possible merits of bitcoin is also not the first time that Fidelity’s executive has raised the subject. In March, Timmer wrote in a Fidelity Insights report that the evolution of bitcoin had found its way into the investment portfolio.
“Bitcoin, by design, is a finite asset, with both a unique supply and a unique demand dimension, and as its network grows, the value and sustainability of bitcoin could increase even faster,” Timmer wrote. . “In my opinion, some investors may want to consider bitcoin, alongside other alternatives, as part of the bond side of a 60/40 equity / bond portfolio,” added the director of global macro. at Fidelity.
What do you think of Jurrien Timmer’s prediction that the “bottom is reached” when it comes to bitcoin prices? Let us know what you think of this topic in the comments section below.
Tags in this story 60/40 Equity / Bond Portfolio, abigail johnson, Bitcoin, Bitcoin (BTC), bitcoin funds, Bitcoin Price Outlook, bitcoin price, low, graph, loyalty, Fidelity Insights report, Fidelity Investments, Jurrien Timmer, Kevin Wides , logarithmic scale, portfolio, low price
Image credits: Shutterstock, Pixabay, Wiki Commons, Twitter, Jurrien Timmer,
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