that he views Bitcoin, the leading cryptocurrency by market capitalization, as"exponential gold.""In my view, bitcoin is exponential gold and an aspiring player on the store of value team," he said. In his social media posts, Timmer has also touched upon Bitcoin's recent underperformance.
He believes that slowing network growth is the reason why the leading cryptocurrency failed to gain significant traction after reaching its current peak of $73,737 in March."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," Timmer said.
Timmer has predicted that the leading cryptocurrency could potentially reach new all-time highs only if the growth of the network somehow accelerates again. Overall, Bitcoin's network growth is driven by the cryptocurrency's inherent scarcity, monetary and policy cycle, and investor sentiment, according to the Fidelity executive. On Wednesday, the price of Bitcoin suddenly pared big losses recorded earlier this week due to lower-than-expected US inflation.
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