Constancy Investments’ world macro director Jurrien Timmer predicts that Bitcoin (BTC) won’t ever attain thousands and thousands of {dollars} in worth for one key motive.
In a brand new interview with Scott Melker, Timmer says that Bitcoin is not going to hit the astronomical seven-figure value as a result of traders are inclined to worth property towards different property.
“I used to be on one other podcast and the query was, Will Bitcoin simply eat the whole lot else?
And I don’t suppose that’s going to occur.
I feel it’s doing it in a means proper now, and it has been, but it surely’s not going to switch actual property or equities or different property to such an excessive that Bitcoin is at thousands and thousands or a billion, and the S&P is at 500 or gold is at $500 as a result of it has cannibalized the whole lot else.
As a result of in some unspecified time in the future, I feel prudent traders are going to take a look at relative worth, they usually’re going to say, ‘Okay, Bitcoin is now at $200,000 and gold is at $1,000 as a result of it obtained cannibalized by Bitcoin, you already know what, I’m going to purchase gold at $1,000, I feel that’s a very good worth.’
You have got the gold-to-silver ratio and when it runs out of whack individuals will substitute. I feel that can occur in some unspecified time in the future with Bitcoin, because it ought to, as a result of it’s one among a number of property, and they need to all be valued towards one another and towards the economic system and inflation, and many others.”
Bitcoin is buying and selling for $55,946 at time of writing, up over 3% within the final 24 hours.
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