Fidelity Investments\u2019 global macro director Jurrien Timmer says that for Bitcoin (BTC<\/a>) to hit fresh all-time highs (ATHs) one key event must occur.<\/p>\n Timmer tells<\/a> his 186,600 followers on the social media platform X that Bitcoin adoption may need to increase before the crypto king can print new ATHs.<\/p>\n \u201cThe growth of Bitcoin\u2019s network has slowed in recent months, while its price has continued to gain. In my view, this divergence between price and adoption could explain why Bitcoin has slowed down a bit along its path to potential new all-time highs. The pendulum will only swing so far. For the new highs to continue, the network may have to accelerate again. Could this be driven by the next chapter in the fiscal dominance thesis (i.e., monetary subordination)?\u201d <\/em><\/p>\n The analyst also says<\/a> that he believes Bitcoin is competitive to gold as a store of value and that the growth of Bitcoin\u2019s price is also driven by its scarcity and central bank monetary policy.<\/p>\n \u201cIn my view, Bitcoin is exponential gold and an aspiring player on the store of value team. My work suggests that the price of Bitcoin is driven primarily by the growth in its network, which is in turn driven by Bitcoin\u2019s unique scarcity feature, as well as the monetary and fiscal policy cycle, and of course sentiment.\u201d <\/em><\/p>\n The analyst believes<\/a> that Bitcoin\u2019s adoption curve remains on track, based on the growth of non-zero addresses, but needs to uptick for price to start rising.<\/p>\n \u201cThe chart below shows Bitcoin\u2019s growing network along a simple power curve. The number of non-zero addresses has converged towards this power curve, with Bitcoin\u2019s price oscillating around it like a pendulum. Such is Bitcoin\u2019s unique series of boom-bust cycles.\u201d<\/em><\/p>\n Bitcoin is trading for $66,676 at time of writing, down slightly in the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: DALLE3<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Fidelity Investments\u2019 global macro director Jurrien Timmer says that for Bitcoin (BTC) to hit fresh all-time highs (ATHs) one key event must occur. Timmer tells his 186,600 followers on the social media platform X that Bitcoin adoption may need to increase before the crypto king can print new ATHs. \u201cThe growth of Bitcoin\u2019s network has […]<\/p>\n","protected":false},"author":2,"featured_media":323333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-323330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/323330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=323330"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/323330\/revisions"}],"predecessor-version":[{"id":323337,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/323330\/revisions\/323337"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/323333"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=323330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=323330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=323330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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<\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n