Bitcoin could reach $100K by 2023 - Fidelity's Jurrien Timmer

peterschreiber.media/iStock via Getty Images

• Jurrien Timmer, director of global macro at Fidelity Investments, predicted Wednesday that Bitcoin (BTC-USD) could reach $100K by 2023, saying that his supply and demand models for the crypto intersect at that level.
• In an interview with CNBC, Timmer also characterized the recent upswing in Bitcoin as a "pretty sustainable move" that was not driven by momentum traders.
• "My sense is the trajectory is up and so far there really is no evidence that this is a bunch of momentum chasers," he said.
• Looking longer-term, Timmer doesn't see Bitcoin as a threat to the U.S. dollar or to the dollar's status as the world's reserve currency.
• Timmer noted that Bitcoin (BTC-USD) generally exists as a store of value at this point and won't develop into something more resembling a currency until it also receives wider acceptance as a medium of exchange.
• Turning to other markets, the Fidelity director of global macro said the stock market is experiencing a "wobble" as it moves into the mid-cycle of the recovery and faces tough seasonal influences.
• Eyeing the dynamics in the bond market, Timmer predicted that the 10-year Treasury yield could rise to 2% in the next month as the U.S. government looks to issue new supply just as the Federal Reserve begins to taper its purchases of Treasury bonds.
• Looking at the recent price action in Bitcoin (BTC-USD), the crypto traded below $42K in late September before rallying to a level near $58,000 in recent days.
• On Wednesday, Bitcoin slipped about 1.2% to reach around $55,786 at about 11 AM ET.
• The crypto has risen about 25% in the past month, substantially outperforming the S&P 500, which has dipped about 2% over that period:

Comments

[orzel2017]

Out of curiosity, can I take a 30-YEAR LOAN in bitcoin? What is APY?

[Livegood3]

@orzel2017 I know Nexo allows borrowing loans off crypto you own at a rate of 6.9% ...not sure what it would be from an official mortgage company tho.

And I found this article

www.wsj.com/...

[Scepisle]

People laughed at me when I brought Bitcoin at $173.... lol...

[Scepisle]

2023..??? Lol...

[apineda7000]

$100000 this year $0 in 2023

[Sleepless in Seattle]

@apineda7000: You should short it then, you're gonna make a killing while I lose it all.

[Up and Away]

No it will go up and down first.

[good idea]

Why 2023?

[Turre]

Bitcoin could reach one million soon. Or it could be zero 🤷‍♂️

[Deebeeng]

@Turre Sounds like SPY

[Diesel]

Could? More like will.

[crrj]

Thank you crypto-mining! And thank you CHINA for banning crypto mining in China--Now, the US is the largest crypto miner-----but psst---Crypto mining requires MASSIVE electricity.

No worries---US Nat-gas can be piped into your local Utility company and there are no truckers required--- KMI has the largest nat-gas pipelines in the US---so GO CRYPTO MINING! US fossil just got brand new fossil demand larger than the almost 181 countries alone!

Go US nat gas! Freedom gas

Let's go Brandon!

[GR Value]

Market looks like it's going to keep bobbing from 430 to 436 until fundamentals force a breach of 425. It's moving so slowly that's for sure. I basically expect that. But fundamentally in my eyes this is a 3000 fair value market.

[Aaron173]

Unlike the Boomer recalcitrance of Dimon, this is a reasonable and clear-headed assessment of BTC. Although I'm thinking that $100k by 2023 is a rather conservative price target. It's likely we breach that level by year's end. By 2023, on the eve of the next halving, I'd expect us to be aiming at significantly higher levels than $100k. But only time will tell.

[GR Value]

@Aaron173 The higher it peaks the more it will implode and bring down other forced sales. Personally I'd be happy to see this scam hit even 200k. Nothing like watching 3 trillion fake dollars implode in a week one day.

[Aaron173]

@GR Value Just like every other "implosion" since inception. Higher highs, higher lows, long-term uptrend. I bet *this* time we'll get our comeuppance, huh?

It always works like this: BTC peaks. Then it corrects. You guys pat yourselves on the back and say "told ya so", declaring BTC dead. I start accumulating after the volatility stabilizes and volume plummets. It then explodes parabolically upward again, beating the returns on your portfolio by light years. You stand there powerless as it blasts to new all-time highs. I lock in life-changing profits, as you desperately wish the price lower. Then we run this...exact...same...cycle. Again. It's so predictable that it's boring at this point.

I can't wait to have this discussion again in two more years after this bull market corrects and the next one is in full swing. I'll pencil it into my calendar, and we can meet up to compare notes.

[orzel2017]

[Bitcoin could reach $100K by 2023, recent move isn't driven by momentum - Fidelity analyst]

It looks like super easy money, better than those growing on trees.

Even air is made of something: nitrogen and oxygen. But crypto "money" can be made out of nothing.

[Aaron173]

@orzel2017 just like dollars. Made up out of thin air. A few keystrokes at the Fed and the Treasury and BOOM. Magical dollars from heaven. They don't even have to run a physical printing press anymore.

[eddy6]

@Aaron173

Well you have convinced me--bitCoin it is

I'll bet my money on the BitCoin Pog
Somebody bet on the Dog.

[Sleepless in Seattle]

@orzel2017: "crypto "money" can be made out of nothing." No it can't. Why don't you create a single bitcoin? If you can make bitcoin from nothing you'll soon be very very rich. But you can't. You have been good though at parading your ignorance: I salute you!

[aircrewmanmurphy]

just follow "new wallets" added

[RWilliam]

The stock to flow model shows the same thing just slightly sooner. According to that model we over due for a shot towards $100k were it will stay around until the next halving.

[Livegood3]

Adoption is happening much faster than predicted. In THIS YEAR, cars could be bought, homes could be bought, movie tickets can be bought, multiple countries consider bitcoin for legal tender with one of them being the 9th largest economy in the world. Multiple ETFs are approved in other parts of the world like Canada, Brazil, middle east. The history of Bitcoin being the greatest investment of the past 12 years has not disappointed this year, up well over 300%. ...and over 200% a year average for the past 12 years. Institutional investors were able to jump in. The ever dwindling available supply. Lots and lots of catalyst to drive Bitcoin much higher..Lets see what year end looks like. Plan B has been spot on so far with his projections...lets see if his $100 - $135k by year end hits the mark.

[HavingFunToday]

@Livegood3 I don't know how anyone would want to accept Bitcoin right now for a big purchase item like a car. Take price last night 56k this early this morning dropped to 54k now it is climbing back up to 56k. That's a pretty big change for someone accepting Bitcoin for a 50k car.

[eddy6]

@Livegood3
I don't get this "rapid adoption" argument. What is being adopted is block chain technology--not BitCoin as a currency or store of value.

Bitcoin is just like Social Security--without the government mandate and protection. Its a stream of money going in--and eventually people who own it--try to spend it. Like with Ponzi and Madoff--eventually the people who want to spend it, if timed properly, will take more out than they put in. Unfortunately, a lot of people will end up with less than they put in--because they stayed too long at the party. Its a zero sum game--emphasis on game (and zero, for some).

[gold_seeker]

@Livegood3 wow sounds like my local stop & shop grocery should accept Bitcoin based on what you're suggesting but if I go ask them they look at me like i'm crazy.

[eddy6]

BitCoin--Hopium of the masses.

[stv-o]

@eddy6 Watch Gary Gensler’s classes for MIT graduate students 1-2 yrs ago, on youtube, and you’ll understand, that it is an incredible invention as an alternative currency.

[eddy6]

@stv-o

Gold was valued in ounces--Bitcoin is valued in DOLLARS--what does that tell you?

[eddy6]

@stv-o

not an "alternative currency"--just a collectible.

[Nicholas Southwick Levis]

I could have a 30 inch _______

[Deebeeng]

@Blue Collar Dodge Guy black dildo?

[High Yield FIREVestor]

@Deebeeng 😂😂😂😂

[goodfellasfinancial]

or rational thought

[Phil Dumfee]

Appears algos are programmed to increase "price" based on unmined bitcoin with hourly price change by random number generator. Unregulated market without transparent price discovery = attractive scam to suck in newbos. Actually has no intrinsic value as a banana republic currency.

[King4Coins]

Huge buying opportunities today before the minutes drop at 2 pm today, then watch the price rise again.

[King4Coins]

@King4Coins anyone going to respect the call?

[Livegood3]

@King4Coins Bounce started over 4hrs ago after testing the 30 day EMA on 4hr time frame. Good tech analysis if that's what you were watching