Fidelity says Bitcoin is similar to Apple

Home / Fidelity says Bitcoin is similar to Apple

Jurrien Timmer, director of global macroeconomics at Fidelity, said that the number of active bitcoin addresses continues to grow steadily despite falling prices. He also compared the first cryptocurrency to Apple.
Timmer called Apple’s massive growth over the past three decades another example of an S-curve.
The S-curve is a mathematical model that is used to illustrate growth in various areas. The pattern helps illustrate the adoption and adoption of certain technologies, such as cell phones and the Internet.

The analyst estimates that Apple’s network has grown 53 times since 1996, while the company’s market value has increased 1,699 times. He noted that the price of bitcoin is rising according to Metcalfe’s law, which states that the valuation of a particular network is proportional to the square of the number of users.

“The valuation of the bitcoin network has increased 867 times since 2011, and its price has increased 640633 times. If we apply Metcalfe’s law and calculate the square of 867, we get 751111. That roughly corresponds to a realized price increase of 640633 times,” he wrote.
According to Timmer, Bitcoin and Apple are very similar in their growth rates and metrics, despite the fact that the technologies are completely different.
In an October interview with CNBC, the Fidelity executive said that by 2023, the price of bitcoin will reach $100,000.

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