Why So Bearish? Fidelity Suggests Bitcoin Price Could Rise To $100 Million

Boston-based investment firm Fidelity presented one of the most bullish scenarios for the price of Bitcoin, Anthony Pompliano said in his podcast “The Best Business Show”. Based on the Stock-to-Flow model develop by analyst Plan B, BTC’s price could stand at $100 million by 2035. With over $10.4 trillion in assets under management, Fidelity investment and its digital assets stand-alone company Fidelity Digital has been bullish on Bitcoin for a long time. The company started dabbing into the crypto space as early as 2014, Pompliano said, and started developing mining capabilities and BTC-based products. The Bitcoin price prediction was presented during a Fidelity webinar called “Understanding Bitcoin, What Can History Teach Us?” by Jurrien Timmer, the firm’s Director of Macro. Timmer is a Bitcoin bull and has been making updates on BTC’s price via his Twitter account. On several occasions, he has compared BTC with Gold in 1970. The chart below was shared by Timmer on August 20th, showing the similarities between the cryptocurrency and the precious metal’s chart. As the chart suggests, Bitcoin’s recent price action looks similar to that of Gold during that year. From this comparison and due to the growth in its fundamentals, Timmer believes BTC is “ready to resume its uptrend”. The Stock-to-Flow model presented by Timmer predicts continues appreciation in BTC’s price due to a reduction in its annual inflation rate. By the end of...