Jamie Dimon, CEO of JPMorgan said recently that bitcoin is worthless. James Gorman (CEO of Morgan Stanley) said on Wednesday crypto is not a fad, but isn't sure on the outlook for prices.
Jurrien Timmer, Fidelity's director of global macro, is more clear-minded when it comes to bitcoin: $100,000 by 2023.
And, that is the fundamental demand for bitcoin and its network. When Timmer comes up with $100,000 for bitcoin prices that's a conservative estimate based on intersections of my supply model and my demand model, he said on Yahoo Finance Live.
Many bitcoin bulls would argue $100,000 prices could be in the cards before year-end, judging by recent trading activity in the benchmark crypto.
Bitcoin prices rose to levels not seen since May of this year amid hopes for greater institutional adoption and the potential for the SEC to add new Bitcoin ETFs soon. At $57,000, bitcoin prices have surged about 80% to the late July lows that were fueled by regulatory fears globally. Bitcoin prices are up 18% in October alone.
Bullish moves are seen in other cryptos, too. Shibu-inu and ethereum are on the rise over the past month in 328% and 12%, respectively.
Timmer warns that just because the bulls have reclaimed crypto of late, it doesn't mean prices will go up every single day. There could still be volatile swings in crypto as it remains a very volatile market, especially around the likely regulation.
I think it will be legitimization regulation over time and will be a positive because it will solve the space. But there is volatility, which I don't think is going to go away because of price inelasticity, added Timmer.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on LinkedIn and on Twitter BrianSozzi.