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Constancy Investments’ international macro director Jurrien Timmer predicts that Bitcoin (BTC) won’t ever attain tens of millions of {dollars} in worth for one key motive.
In a brand new interview with Scott Melker, Timmer says that Bitcoin won’t hit the astronomical seven-figure worth as a result of traders are likely to worth property towards different property.
“I used to be on one other podcast and the query was, Will Bitcoin simply eat all the things else?
And I don’t suppose that’s going to occur.
I believe it’s doing it in a approach proper now, and it has been, nevertheless it’s not going to exchange actual property or equities or different property to such an excessive that Bitcoin is at tens of millions or a billion, and the S&P is at 500 or gold is at $500 as a result of it has cannibalized all the things else.
As a result of in some unspecified time in the future, I believe prudent traders are going to have a look at relative worth, and so they’re going to say, ‘Okay, Bitcoin is now at $200,000 and gold is at $1,000 as a result of it received cannibalized by Bitcoin, you realize what, I’m going to purchase gold at $1,000, I believe that’s a superb worth.’
You will have the gold-to-silver ratio and when it runs out of whack individuals will substitute. I believe that may occur in some unspecified time in the future with Bitcoin, because it ought to, as a result of it’s one in all a number of property, and they need to all be valued towards one another and towards the financial system and inflation, and so forth.”
Bitcoin is buying and selling for $55,946 at time of writing, up over 3% within the final 24 hours.
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Disclaimer: Opinions expressed at The Day by day Hodl should not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any losses you could incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please notice that The Day by day Hodl participates in online marketing.
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