Urrien Timmer, Fidelity Investments' global macro director, shared his insights on what it takes for Bitcoin to reach new all-time highs. Timmer emphasized that increased adoption is crucial for Bitcoin's price to surge. While Bitcoin's price has risen, network growth has slowed, creating a discrepancy that needs to be addressed.

Timmer highlighted that Bitcoin's adoption curve remains strong, with a growing number of non-zero balance wallet addresses. However, he stressed that adoption needs to accelerate for the price to rise significantly. He illustrated Bitcoin's network growth along a power curve, showing that the price oscillates around this curve like a pendulum. Bitcoin's unique boom-bust cycles are influenced by network growth, scarcity, and macroeconomic policies.

In addition to adoption, Timmer noted that Bitcoin's competitiveness as a store of value against gold is essential. Bitcoin's scarcity and central bank monetary policies drive its price increase, making it "exponential gold" in the value storage environment. Timmer's analysis suggests that Bitcoin's price fluctuations are a natural part of market behavior, closely tied to network growth.

In conclusion, Fidelity's global macro director believes that Bitcoin's journey to new highs relies on increased adoption and network growth. As the largest cryptocurrency continues to experience boom-bust cycles, Timmer's insights offer a valuable perspective on the factors driving its price movements. With Bitcoin trading around $67,000, down 1.09% in the last 24 hours, the crypto market eagerly awaits the next move.