JPMorgan CEO Jamie Dimon said recently bitcoin is worthless. Morgan Stanley CEO James Gorman said Thursday crypto isn’t a fad, but isn’t sure on the outlook for prices.
Jurrien Timmer, Fidelity’s director of global macro, is more clear-minded on the direction for bitcoin: $100,000 by 2023.
“So this move up [in bitcoin] has come without the help of momentum chasers, which I think is a good sign because it means there is something else making bitcoin go up. And, that is fundamental demand for bitcoin and its network. When I come up with $100,000 [for bitcoin prices], that’s a conservative estimate based on the intersections of my supply model and my demand model,” Timmer said on Yahoo Finance Live.
Many bitcoin bulls would argue $100,000 prices could be in the cards before year-end, judging by the recent trading activity in the benchmark crypto.
Bitcoin prices have rallied back to levels not seen since May of this year amid hopes for greater institutional adoption and the potential for the SEC to sign off on new bitcoin ETFs soon. At $57,000, bitcoin prices have surged about 80% from the late July lows that were fueled by regulatory fears globally. Bitcoin prices are up nearly 18% in October alone.
Bullish moves are being seen in other cryptos, too. Shiba Inu and ethereum are up 328% and 12%, respectively, over the past month.
Timmer warns that just because the bulls have reclaimed crypto of late, it doesn’t mean prices will go up every single day. There could still be volatile swings in crypto as it remains a very headline driven market, especially around likely regulation.
“I think it will be resolved [regulation] over time, and will be a positive because it will legitimize the space. But there is volatility, which I don’t think is going to go away because it’s a feature of price inelasticity,” Timmer added.