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Jurrien Timmer: Bitcoin is Cheap, Then Perhaps Ethereum Is Cheaper

Jurrien Timmer, global macro director at Fidelity said that the value of Bitcoin has dropped to 2013 levels.

Jurrien Timmer

Fidelity’s Timmer claimed that Bitcoin is “cheap” in a recent Twitter thread.

The CEO pointed to the fact that the value of Bitcoin is the lowest since 2013. At the same time, Jurrien Timmer claims that Ethereum, the second-largest cryptocurrency, is even “cheaper” than Bitcoin at current prices.

The two largest cryptocurrencies are down 68.72% and 75.07% respectively from their all-time highs in November 2021, according to data provided by CoinGecko.

Crypto Price since ATH. Source: CoinGecko

Jurrien Timmer believes that Ethereum may be nearing the bottom of a correction.

Speaking of Bitcoin adoption, the executive believes that Bitcoin is following the internet’s adoption curve instead of the exponential mobile adoption curve. This suggests that Bitcoin will have a more “modest” price increase in the future.

Fidelity, the first US financial giant to adopt Bitcoin, remains bullish on the largest cryptocurrency despite the massive price correction.

Earlier yesterday, Bitcoin rallied to $22,000, but the largest cryptocurrency gave up some gains due to stronger-than-expected US jobs data. At the time of writing, BTC is trading at $21,572.

Jurrien Timmer: Bitcoin is Cheap, Then Perhaps Ethereum Is Cheaper 4

The cryptocurrency market remains under pressure due to the extremely hawkish monetary policy of the Federal Reserve.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.