Fidelity manager Timmer: Only one thing is needed for Bitcoin to break a new record
Fidelity manager Jurrien Timmer, one of the names followed on social media with his market evaluations from time to time, stated that network losses in Bitcoin have slowed down, but the price continues to remain high and said, "This continuous record is being prevented. The network must constantly accelerate in order for new increases to occur."
Although it fell after the non-agricultural employment data announced in the USA last week, Bitcoin, which rose after this week's inflation figures and the Fed's decision, could not exceed the 70 thousand dollars level again. While investors questioned whether the upward trend was over, Fidelity manager Jurrien Timmer stated that new peaks could only come with the growth of the Bitcoin network.
“The record may come with the thesis of financial dominance”
Making some evaluations on his account on X, Fidelity's global macro manager drew attention to the discrepancy between price and adaptation and said: "Network growth in Bitcoin has slowed in recent months. However, we see that the price also increases and remains high. This price-adoption discrepancy may actually be behind Bitcoin's failure to break new records. Bitcoin price is swinging like a pendulum around its growth curve and will continue to swing. Therefore, for records to be achieved, the network needs to start growing again. How will this happen? Perhaps with the arrival of the next phase of the fiscal dominance thesis..."
The fiscal dominance thesis mentioned by Timmer is based on the incompatibility of countries' fiscal and monetary policies. While taxation, government expenditures and debt purchases constitute fiscal policies, the central bank's monetary policies can be ineffective from time to time. This situation constitutes the financial dominance thesis.
