Jurrien Timmer, director of world macro at Constancy Investments, claims that he views Bitcoin, the main cryptocurrency by market capitalization, as “exponential gold.” “For my part, bitcoin is exponential gold and an aspiring participant on the shop of worth group,” he stated.
The rationale behind Bitcoin’s underperformance
In his social media posts, Timmer has additionally touched upon Bitcoin’s current underperformance.
He believes that slowing community development is the rationale why the main cryptocurrency failed to achieve vital traction after reaching its present peak of $73,737 in March.
“For my part, this divergence between value and adoption might clarify why Bitcoin has slowed down a bit alongside its path to potential new all-time highs. The pendulum will solely swing to this point,” Timmer stated.
Timmer has predicted that the main cryptocurrency might probably attain new all-time highs provided that the expansion of the community someway accelerates once more.
Associated
Total, Bitcoin’s community development is pushed by the cryptocurrency’s inherent shortage, financial and coverage cycle, and investor sentiment, in line with the Constancy govt.
Bitcoin’s unstable week
On Wednesday, the worth of Bitcoin all of a sudden pared huge losses recorded earlier this week because of lower-than-expected US inflation. Nonetheless, some hawkish feedback made by Federal Reserve Chair Jerome Powell threw a wrench within the works for bulls.
At press time, the cryptocurrency is altering arms at $66,794 on the Bitstamp alternate.
