Billion $ Bitcoin: A New Look at Fidelity’s Big, Bold Call
Back in early September, I wrote about The Bitcoin price predictions of Jurrien Timmer, the Director of Global Macro at Fidelity Investments. Timmer stated that he believed the price of Bitcoin could reach $1 billion by the year 2038. Probably more important to most Bitcoiners was Timmer’s belief that Bitcoin could reach $1 million during this decade. Sure the $1 billion call attracted a lot of attention, but many felt that a prediction seventeen years out into the future was just too far out to be taken seriously.
Now, this decade, well that’s only about eight more years. When I wrote about this in September, Bitcoin’s price was hovering around $48,000. At that level, $1 million would represent about a 20x increase. Eight years and 20x? Bitcoin has certainly gone on runs like that before. Even so, $1 million may be dismissed by all but the hardcore Bitcoiners as just “hopium.”
But wait a minute. Between writing my article in September and now, Bitcoin went on a bit of a run and hit a new all-time high, briefly crossing $69,000. From there, the orange coin would only need to make a move of 14.5x, in eight years. That, given Bitcoin’s price growth over the last eleven years, seems very doable. Well, maybe almost probable.
