Urrien Timmer, Fidelity Investments' global macro expert, shared his view on what will drive Bitcoin to new record highs. Timmer believes that wider acceptance and use of Bitcoin are essential for its price to surge. Although Bitcoin's price has increased, its network growth has slowed, creating a gap that needs to be addressed.

Timmer highlighted that Bitcoin's adoption is still strong, with more people holding Bitcoin in their wallets. However, he emphasized that adoption needs to accelerate for the price to rise significantly. He showed a graph illustrating how Bitcoin's network growth follows a predictable pattern, with its price moving up and down around this curve.

Timmer also pointed out that Bitcoin is a competitive store of value compared to gold, thanks to its limited supply and central banks' monetary policies. He called Bitcoin "exponential gold," playing a vital role in storing value. Timmer's analysis suggests that Bitcoin's price movements are a natural part of market behavior, closely tied to its network growth.

In summary, Fidelity's global macro expert believes that Bitcoin's journey to new highs relies on increased adoption, driving network growth and propelling the price forward. As Bitcoin continues to experience ups and downs, Timmer's insights offer a valuable perspective on the factors driving its price movements.