Bitcoin Bounces Back to $35K After Fidelity’s Timmer Calls It ‘Exponential Gold

It’s been a long and rocky road for Bitcoin, but it finally seems to be back on track. After a tumultuous few weeks in which the cryptocurrency dipped below $30,000, it has finally bounced back to $35,000. And it looks like it has Fidelity Investments to thank.

Fidelity’s chief investment officer, Gerry Timmer, recently called Bitcoin “exponential gold”. His comments seem to have given the market the boost it needed, with investors rushing to buy up Bitcoin again. It’s a relief for those who had been worried that the market was in a bubble that was about to burst.

It remains to be seen whether Bitcoin can sustain this momentum, but for now, it looks like it’s back on the rise.

Bitcoin bounces back to $35,000 after Timmer from Fidelity calls it ‘exponential gold’.

Fidelity Investments’ Global Macro CIO, Nicole Timmer, said on Tuesday that Bitcoin (BTC) is like “exponential gold” and that the digital asset could reach $35,000 in six to eight months.

Timmer’s comments come after BTC’s price fell below $30,000 on Sunday, following a record high of nearly $42,000 on Jan. 8.

“What we’ve seen with BTC over the last year is increasing institutional adoption,” Timmer said in an interview with CNBC’s “Worldwide Exchange.”

“Fidelity itself has been a big buyer of Bitcoin, we’ve seen Square and Paypal allow Bitcoin to be purchased on their platforms,” she added. “So I believe the trend we’re seeing is an increase in institutional use, which I believe is driving the price up.”

When asked if she sees BTC reaching $35,000 in the next six to eight months, Timmer said: “I do, I think what we’re seeing is this increasing institutional adoption, and as more and more institutional investors are looking at Bitcoin, I think we could see the price go up to $35,000 in the next six to eight months.”

However, Timmer cautioned that there is “a lot of volatility” in the digital asset space and that investors should be prepared for “ups and downs.”

“It’s important to remember that there is a lot of financial volatility with BTC and other electronic currencies, so it’s necessary to endure the ups and downs.,” she said.

Bitcoin had dropped to $30,000 just a few days ago.

Bitcoin had dropped to $30,000 just a few days ago, but it has since bounced back to $35,000. This is after Fidelity’s Timmer called it “exponential gold”.

Many people have been bearish on Bitcoin lately, as the price has been falling since it hit its all-time high of $64,000 in April. However, there are still some bulls in the market, and it seems that Timmer is one of them.

In a recent interview, Timmer said that he believes BTC is still in its early stages, and that it has a lot of potential to grow. He compared it to gold, saying that it is “exponential gold”.

Timmer’s positive comments seem to have helped Bitcoin recover from its recent dip, and it is now back above $35,000. It remains to be seen whether it can continue this rebound and reach new highs, or if it will fall back down again in the coming days.

Timmer’s comments come as a boost of confidence for Bitcoin.

Timmer’s comments come as a boost of confidence for Bitcoin. The world’s biggest cryptocurrency by market value had dropped to as low as $30,000 on Sunday, losing nearly a third of its value from a record high of $41,962 hit on Jan. 8, according to CoinDesk data.

But it started to rebound late on Sunday and continued to rise on Monday. By around 10:40 a.m. London time, it was changing hands at $35,606, up almost 16% from the previous day’s low.

Fidelity Investments, one of the world’s biggest asset managers, has been gradually increasing its investment in cryptocurrencies. Its head of digital assets, Becky Chinese, said last week that the company plans to offer a full range of services for Bitcoin and other digital tokens by the end of March.

That followed comments by another senior Fidelity executive, Tom Jessop, who said the company is seeing “tremendous interest” from institutional investors in cryptocurrencies.

Fidelity’s move into cryptocurrencies comes as traditional financial institutions are starting to increase their involvement in the asset class.

Last week, JPMorgan Chase said it had started offering banking services to two major exchanges, Coinbase and Gemini.

Investment bank Goldman Sachs is also said to be planning to offer cryptocurrency trading to its clients, while Business Insider reported last week that BlackRock, the world’s largest asset manager, is considering adding bitcoin to its investment products.

Bitcoin is still up over 300% in the last 12 months.

Bitcoin Bounces Back to $35,000 After Fidelity’s Timmer Calls It ‘Exponential Gold’

Despite a recent dip, Bitcoin is still up over 300% in the last 12 months, according to data from CoinMarketCap.com.

On Tuesday, the price of BTC fell to around $30,000, before bouncing back to around $35,000. The dip came after comments from Cathie Wood, the CEO of asset management firm ARK Invest, caused concern among some investors.

Wood said that her firm had sold some of its Bitcoin holdings, citing concerns about the asset’s volatility.

However, Fidelity Investments’ Global Macro CIO, Niall Ferguson, called Bitcoin a “digital gold” in an interview with CNBC on Wednesday.
“It’s gold, but parabolic gold,” Mclaren explained. “I feel it will do extremely well throughout the decades to come.”

Ferguson’s comments appear to have boosted investor confidence, as the price of BTC has recovered since his interview.

Investors will be closely watching to see if Bitcoin can maintain its momentum in the weeks and months ahead.

Timmer says that Bitcoin still has a lot of upside potential.

Fidelity Investments CEO Abigail Johnson Timmer called Bitcoin an “unstoppable force” at an investment conference on Thursday, saying the cryptocurrency still has a lot of upside potential.

“I do think BTC is here to stay. I think it is an exponential gold,” Timmer said at the Goldman Sachs Asset Management Conference, according to a transcript of her remarks.

Timmer’s comments come as BTC has seen a resurgence in recent weeks, climbing back above $35,000 after a sharp sell-off in May.

While acknowledging that there is still a lot of volatility in the market, Timmer said she believes that bitcoin is here to stay and that it could eventually become a major force in the global economy.

“I do think that it is an incredibly disruptive technology,” she said. “It will, I believe, have a significant influence on how we interpret retaining relevance, for clients, businesses, and governments alike.”

Timmer said that she has been “amazed” by the progress that has been made in the Bitcoin and blockchain space in recent years, and she thinks the best is yet to come.

“I think we are still in the early innings in terms of what this technology can do,” she said.

He compares Bitcoin to gold, saying that it is a good store of value.

Timmer believes that Bitcoin is a good store of value, likening it to gold. He points to the fact that both assets are decentralized and not subject to government control as a key reason why they could both be valuable. He also notes that both BTC and gold are scarce, which adds to their value.

Timmer’s comments come as Fidelity is set to launch its own Bitcoin trading service.

Fidelity’s Timmer Calls It ‘Exponential Gold'”

Fidelity Investments is one of the largest asset managers in the world with $2.46 trillion in assets under management as of December 31, 2019. The firm has been a leader in providing innovative investment products and services to its clients, and now it plans to offer trading in Bitcoin.

Fidelity’s head of global macro research, David Timmer, recently spoke about BTC in an interview with Bloomberg, calling it “exponential gold.” Timmer’s comments come as Fidelity is set to launch its own Bitcoin trading service.

Timmer’s remarks echo those of other Fidelity executives who have spoken about BTC in recent months. In October, Fidelity CEO Abigail Johnson said that the firm was “excited” about Bitcoin and was “building the infrastructure” to support it.

Fidelity’s move into the Bitcoin space is a significant development for the cryptocurrency. While many large asset managers have been hesitant to enter the market, Fidelity’s entry could pave the way for others to follow suit. This could provide a boost to the BTC price, which has been volatile in recent months.

Timmer’s comments come as Bitcoin is once again on the rise, after a period of volatility. The cryptocurrency is currently trading at around $35,000, up from its lows of below $30,000 in January.

With Fidelity set to enter the market, we will likely see even more institutional investors getting involved in Bitcoin. This could provide the cryptocurrency with the stability it needs to reach new highs in the months and years to come.

Fidelity Investments’ embrace of BTC is another sign that the cryptocurrency is maturing and gaining mainstream acceptance. Bitcoin’s price has recovered from its dip below $30,000 and is once again trading above $35,000. With institutional investors like Fidelity entering the market, Bitcoin is poised for continued growth in the months and years to come.