Fidelity’s Timer Says Bitcoin Valuation Has Fallen to 2013 Levels
Jurien Timmer, director of global macros at Fidelity, claims bitcoin is “cheap” recent twitter thread,
The executive pointed to the fact that the valuation of bitcoin is at its lowest since 2013.
Meanwhile, Timer claims that Ethereum, the second-largest cryptocurrency, is also “cheap” compared to Bitcoin at current prices.
According to data provided by CoinGecko, the two largest cryptocurrencies are down 68.58% and 74.95% respectively from their record peaks.
Timer believes that Ethereum may be close to reaching the bottom of the correction.
Speaking of bitcoin adoption, the executive believes that bitcoin is following a curve of internet adoption rather than a “more exponential” mobile adoption curve. This suggests that bitcoin will experience a more “modest” price appreciation in the future.As reported by U.Today, Timer has recently drawn parallels between Bitcoin and Apple in terms of their growth trajectory.
Fidelity, the first US financial giant to adopt bitcoin, remains bullish on the largest cryptocurrency despite a massive price correction.
Last month, Timer pointed to the fact that bitcoin’s price/network ratio was at its lowest level since 2017.
