Fidelity Analyst: Bitcoin Needs Increased Adoption for New All-Time Highs

Jurrien Timmer, the global macro director at Fidelity Investments, believes that Bitcoin may need to see an increase in adoption before it can reach new all-time highs. Timmer notes that while Bitcoin's price has continued to rise, the growth of its network has slowed down in recent months. He suggests that this divergence between price and adoption could explain why Bitcoin has slowed down on its path to new highs. Timmer also believes that Bitcoin is competitive with gold as a store of value and that its price is driven primarily by the growth of its network, scarcity, and monetary policy.