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Fidelity’s Timmer Says Bitcoin’s Wallet Count Shows Little Growth
In a recent statement, Jurrien Timmer, director of global macro at Fidelity Investments, expressed concerns about the lack of growth in Bitcoin’s wallet count. This development comes as a surprise to many, given the cryptocurrency’s significant price volatility over the past year.
According to Kuiper, who is also the director of research at Fidelity’s digital assets unit, Bitcoin has underperformed the flagship S&P 500 market index over the past four years. The leading cryptocurrency has only seen a compounded annual return of 17%, compared to the S&P 500’s impressive 13%. Furthermore, Kuiper noted that Bitcoin’s risk-adjusted returns are actually lower than those of the broader market.
As for Timmer, he focused on Bitcoin’s wallet count data. According to Fidelity’s research, this metric has shown little growth over the past few years. This lack of adoption could be a sign that Bitcoin may not be experiencing the same level of mainstream acceptance as previously thought.
It is essential to note that Bitcoin’s performance has been somewhat disappointing during the current cycle.
Source: https://u.today/fidelitys-timmer-says-bitcoins-wallet-count-shows-little-growth
