⸺ Bull case · September 2, 2021 ⸺
Fidelity (Jurrien Timmer)
Director of Global Macro, FidelityInstitution
“As the number of its users grows linearly, a network's value grows geometrically.”
Price at the call
$49,281
Today
$61,577
Target · 2038
$1B
Boldness of the call×20,292
Progress to target0.0%
Needs another ×16,240 from today’s $61,577.
If you’d listened
×1.25
+25% since the call
Annualized audacity
79%/yr
required return per year
Skin in the game
66/100
Fidelity runs a spot BTC fund and has mined since 2014.
The single most extreme published target of any major institution: a Metcalfe's-Law-plus-stock-to-flow demand model that projects ~$1M by 2030 and $1 billion a coin by 2038. A long-horizon extrapolation, not a trade — but the most audacious number on the board, by far.