Fidelity executive Jurrien Timmer declares in his Twitter account his bitcoin views. Also, Timmer mentions that it looks like the bottom is in. And explains it by going through a chart representing BTC/USD.
Fidelity executive speaks about Bitcoin(BTC)
We all saw a hike in BTC’s price during mid-April. It shockingly reached $64895 per coin. This was a long-awaited price but didn’t hold for long. Unfortunately, the price fell to $30,066 per coin in Mid-May. But, luckily, the price did not go below the same. Still, few investors and users are skeptical about its price and think that there is a possibility that it could go down.
Well, among many predictions and analyses about BTC, we see that investors think it could reach a low of $20K. On the other hand, there are crypto lovers who still believe there is a chance for bitcoin’s price to reach a 6 digit number by the end of the year.
Fidelity’s executive shares his theories about BTC, and he mentions in a tweet about bitcoin’s price. What he means is that $30K is the lowest point that bitcoin went to. It won’t go down more, according to him. Timmer’s tweet got over 899 retweets and over 5.1K likes. Jurien has over 56K followers on Twitter, and these many reactions over a tweet mean a lot for BTC lovers.
In my view, it looks like the bottom is in. pic.twitter.com/16Eg8aHxNo
— Jurrien Timmer (@TimmerFidelity) June 14, 2021
Tweet that now has 5.1K likes and 899 retweets.
People against Timmer’s speculations
Investors were happy after Timmer’s tweet; some even whole-heartedly agreed to his point. However, not everyone has the same theory. As disheartening it is to write, but Kevin Wides, Macro Hedge Fund Strategist, believes there is a high chance that bitcoin’s value will drop to $12K.
Among many, Kevin also retweeted Timmer’s tweet, mentioning that his log scale says BTC’s price will drop to $12K. Soon after seeing a tweet like this, Timmer tweets again, saying he is neither long nor short. And he doesn’t care where the price is going. Timmer also mentions that he does not believe in investing in objects that do not have any traditional metric value.
Well, everyone has their own perspective, but as believers in crypto, it really aches our heart to watch Bitcoin’s price drop that low.
Timmer and his insight report
There are many Fidelity employees and executives who show a keen interest in cryptocurrency, especially bitcoin. One of them is Abigail Johnson; she is the CEO of Fidelity Investments. Johnson has always been an active persona in showing fascination with BTC. Even at one of her conferences, in the year 2017, Johnson mentions that her firm mined bitcoins. In the headquarters, employees had the choice to pay in bitcoins in the cafeteria during lunch.
The firm’s first bitcoin fund went up to $102 million after the launch last summer. More importantly, Jurien Timmer’s tweet, Abigail Johnson’s interest are not the first time that we come to know their active participation in crypto growth. Timmer also wrote in his Insight reports once that anyhow BTC’s evolution has got into the way of their investment portfolio.
BTC price at the time of writing: $38,639.56
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