Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/fidelitys-global-macro-director-discusses-bitcoins-path-to-new-highs/" data-wpel-link="internal">Fidelity’s Global Macro Director Discusses Bitcoin’s Path to New Highs</a> 
Fidelity Investments’ global macro director Urrien Timmer shared his views on the conditions necessary for <a href="https://en.coin-turk.com/bitcoin-wallet-numbers-rise-despite-price-fluctuations/" data-wpel-link="internal">Bitcoin</a> (BTC) to reach its all-time high (ATH). Sharing his thoughts with followers on the social media platform X, Timmer emphasized that the increase in Bitcoin adoption is crucial for this milestone. 
<h2 style="text-align: justify" id="strong-adoption-and-price-discrepancy-strong">Adoption and Price Discrepancy</h2> 
Timmer noted that while Bitcoin’s price has been rising, the network’s growth has slowed in recent months. He highlighted that this discrepancy between price and adoption could be a factor in Bitcoin’s current performance. Timmer believes that for Bitcoin to reach new ATHs, network growth needs to accelerate once again. Moreover, he thinks the next phase involving monetary adherence in the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">financial</a> dominance thesis could potentially provide this acceleration. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-362472" src="https://coin-turk.com/wp-content/uploads/2024/06/Bitcoin-Benimseme-Egrisi.jpeg" alt="" width="1079" height="633"> 
In addition to adoption, the global macro director of Fidelity Investments also emphasized Bitcoin’s competitiveness as a store of value against gold. He noted that Bitcoin’s price increase is influenced by its scarcity and central bank monetary policies. According to Timmer, Bitcoin acts as “exponential gold” and plays a significant role in the value storage environment. Bitcoin’s unique scarcity, combined with financial and monetary cycles as well as market sentiment, are the fundamental driving forces behind its price. 
<h2 style="text-align: justify" id="strong-adoption-curve-and-network-growth-strong">Adoption Curve and Network Growth</h2> 
Timmer stated that Bitcoin’s adoption curve remains robust, as evidenced by the growth in wallet addresses with a non-zero balance, but he emphasized that adoption needs to increase for Bitcoin’s price to rise significantly. Presenting a graph showing Bitcoin’s network growth along a power curve, he demonstrated that the number of wallet addresses with a non-zero balance aligns with this curve and that Bitcoin’s price oscillates around this curve like a pendulum. 
The price movements of the largest cryptocurrency are characterized by unique boom-bust cycles. These cycles are influenced by various factors such as network growth, scarcity, and macroeconomic policies. Timmer’s analysis suggests that Bitcoin’s price fluctuations are a natural part of market behavior and closely tied to network growth. 
At the time of writing, Bitcoin is trading around $67,000, down 1.09% in the last 24 hours. Data shows that BTC has fallen by 6.62% in the last 7 days. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/fidelitys-global-macro-director-discusses-bitcoins-path-to-new-highs/" data-wpel-link="internal">Fidelity’s Global Macro Director Discusses Bitcoin’s Path to New Highs</a></h5>

Fidelity’s Global Macro Director Discusses Bitcoin’s Path to New Highs

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