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Home BREAKING NEWS

Fidelity’s Jurrien Timmer Coins Bitcoin as “Exponential Gold,” Highlighting it as a Hedge Against Inflation

by BlockNews.com Team
November 2, 2023
in BREAKING NEWS, CRYPTO, FEATURED
Reading Time: 2 mins read
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  • Bitcoin shares key attributes with gold like scarcity and inflation hedging, while improving on gold’s shortcomings related to portability, divisibility, traceability and settlement speed.
  • Bitcoin’s expanding network effect gives it momentum and reinforces its competitive position against other cryptocurrencies as more users and institutions adopt it.
  • Mainstream adoption by banks, payments firms, asset managers and corporations is accelerating, leading to greater liquidity, less volatility, and increased usability of Bitcoin as a currency and store of value.

Bitcoin has seen exponential growth recently, leading many to wonder about the cryptocurrency’s future prospects. Jurrien Timmer, Director of Global Macro at Fidelity Investments, provides valuable insights into Bitcoin’s potential as a long-term store of value.

Bitcoin as Digital Gold

Timmer sees Bitcoin as “exponential gold”, meaning it shares key characteristics with the precious metal while improving upon gold’s shortcomings. Like gold, Bitcoin offers scarcity and a hedge against inflation. However, Bitcoin also provides portability, divisibility, traceability and rapid settlement that gold lacks.

Network Effect Momentum

The Bitcoin network continues to expand at a rapid pace. This self-reinforcing network effect gives Bitcoin momentum and strengthens its competitive position against other cryptocurrencies. As more users and institutions adopt Bitcoin, its network becomes increasingly valuable and attractive for new entrants.

🚨 NEWS: Fidelity's Jurrien Timmer coins #Bitcoin as "Exponential Gold."

He highlights its potential as a store of value against inflation.

The institutions want your $BTC! pic.twitter.com/P3pELKKIys

— BlockNews.com (@blocknewsdotcom) November 2, 2023

Mainstream Adoption Accelerating

Growing mainstream adoption of Bitcoin by banks, payment firms, asset managers and corporations is accelerating. Increased adoption leads to greater liquidity and less volatility over time. This makes Bitcoin more usable as a transactional currency and long-term store of value.

Conclusion

In summary, Jurrien Timmer believes Bitcoin is well on its way to cementing itself as “digital gold” with exponential growth potential. Bitcoin’s inherent properties and growing network effect create a compelling value proposition for investors looking to hedge inflation risk and diversify portfolios.

Tags: BitcoinBlockchainBusinessCrypto ExchangeWeb3
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