Urrien Timmer, Fidelity Investments' global macro director, has shared his insights on what it will take for Bitcoin to reach new all-time highs. Timmer believes that increased adoption and network growth are crucial for Bitcoin's price to rise significantly. He also highlighted the importance of Bitcoin's scarcity and central bank policies in driving its price.

Timmer noted that while Bitcoin's price has been increasing, network growth has slowed in recent months, creating a discrepancy between price and adoption. He believes that for Bitcoin to reach new heights, network growth needs to accelerate, and the next phase of monetary adherence in the financial dominance thesis could provide this acceleration.

In addition to adoption, Timmer emphasized Bitcoin's competitiveness as a store of value against gold. He noted that Bitcoin's price increase is influenced by its scarcity and central bank monetary policies, 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 and closely tied to network growth. He presented a graph showing Bitcoin's network growth along a power curve, demonstrating that the number of wallet addresses with a non-zero balance aligns with this curve, and Bitcoin's price oscillates around this curve like a pendulum.

Overall, Timmer's comments highlight the importance of adoption, network growth, scarcity, and central bank policies in driving Bitcoin's price. As the largest cryptocurrency continues to evolve, these factors will play a significant role in shaping its future.