A top executive at financial services giant Fidelity Investments believes that Bitcoin (BTC) is currently a bargain.
Fidelity’s director of global macro Jurrien Timmer каже that based on the thesis that Bitcoin price will rise as its network grows, the flagship crypto asset is looking “cheap”.
“If you believe in Bitcoin’s adoption-curve thesis (i.e. that the network will continue to expand in line with previous S-curves), then it’s reasonable to view Bitcoin as cheap at these levels.”
According to the macro expert, the price of Bitcoin is доле the actual and projected growth of its network.
“For me, the main nuance is the slope of the adoption curve. Whether we use the mobile-phone curve or internet curve as proxies, Bitcoin’s price is below its actual and projected network-growth curve. That curve provides a fundamental anchor for Bitcoin’s price.”
Timmer has previously објаснио that Bitcoin’s adoption rate is likely to ogledala that of mobile phones or internet technology.
Using the analogy of Bitcoin as digital gold, Timmer каже that the king crypto was massively oversold during the recent market downturn and has deviated from the trend when the two are compared side by side.
“If Bitcoin is gold’s precocious younger sibling, it makes sense to look at Bitcoin priced in gold (i.e., Bitcoin’s beta to gold). Technically, the recent sell-off produced the biggest oversold condition in years (measured as the number of standard deviations from trend).”
The macro expert also says that amid the crypto downturn, the percentage of Bitcoin held for less than three months (краткорочни носиоци) remains relatively unchanged while the percentage of Bitcoin held for over 10 years (дугорочни имаоци) is rising.
“Who is buying Bitcoin these days? Apparently not the tourists (i.e., short-term holders). The percentage of Bitcoins held less than three months has barely budged lately.”
“But the number of HODLers keeps growing. The percentage of Bitcoin held for at least 10 years is now 13%.”
Не пропустите ни један ударац - Пријавите се да бисте добили крипто имејл упозорења која се достављају директно у вашу пријемну пошту
Проверити Цена акција
Пратите нас на Twitter, фацебоок Telegram
Сурф Даили Ходл Мик
Изјава о одрицању одговорности: Мишљења изнета у Даили Ходлу нису савети за улагање. Улагачи би требали обавити своју дужну опрему прије него што уложе у високе ризичне инвестиције у битцоин, крипто валуту или дигиталну имовину. Имајте на уму да су ваши трансфери и трговине на сопствени ризик, а за све губитке који могу настати одговоран сте. Даили Ходл не препоручује куповину или продају било које крипто валуте или дигиталне имовине, нити Даили Даили Ходл није саветник за инвестирање. Имајте на уму да Даили Ходл учествује у аффилиате маркетингу.
Featured Image: Shutterstock/Maria Starus
Source: https://dailyhodl.com/2022/08/19/bitcoin-is-currently-cheap-amid-biggest-oversold-condition-in-years-says-fidelity-macro-expert-heres-why/