The rise of Bitcoin does not threaten USD

An executive at Fidelity Investments says that Bitcoin (BTC) may reach $100,000 by 2023, but that won’t threaten the value of the US dollar (USD).

In a new interview with CNBC’s “Squawk on the Street,” Fidelity Investments director of global macro Jurrien Timmer predicts that the largest crypto asset by market cap could be valued at $100,000 within the next two years.

Timmer’s latest BTC price prediction follows a June about face after he previously said the crypto would fall as low as $23,000.

When CNBC co-anchor Morgan Brennan asked if BTC’s recent global use cases, such as El Salvador’s adoption of the cryptocurrency on a national scale, threatens the value of the USD, Timmer replied, “I really don’t think Bitcoin threatens the dollar or the dollar’s reserve status.

“I know that’s a common narrative among the hardcore Bitcoiners, and I do not subscribe to that at all”, he added. BTC is trading at $57,427, up by 37.9% over the past fourteen days.