A senior executive of financial services giant Fidelity Investments believes the price of Bitcoin is “cheaper than water” right now. Jurrien Timmer, Fidelity's global director of macros, says the leading crypto asset looks "cheap", based on the thesis that the price of Bitcoin will increase as the network grows.

“If you believe in the adoption curve thesis of Bitcoin, that is, if you believe that the network will continue to grow in line with previous S-curves, then it makes sense to see Bitcoin as cheap at these levels,” Timmer said. He uses his words. According to the macro expert, Bitcoin price is below the actual and projected growth of the network:

   "For me, the main nuance is the slope of the adoption curve. Whether we use the mobile phone curve or the internet curve as data, the price of Bitcoin is below the actual and projected network growth curve. This curve provides a fundamental anchor for the price of Bitcoin."

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Timmer previously explained that the adoption rate of Bitcoin will reflect the technology of mobile phones or the internet. On the other hand, using the Bitcoin analogy as digital gold, Timmer thinks that the leading crypto was oversold during the last market drop and deviated from the trend when the two were compared side by side. On the subject, Timmer says:

   "If bitcoin is gold's precocious little brother, it makes sense to look at bitcoin priced in gold (i.e. bitcoin's gold beta). Technically, the recent sell-off created the largest oversold situation in years."

The macro expert also says that amid the bearish moves in crypto, the percentage of Bitcoin held for less than three months (short-term holders) has remained relatively unchanged, while the percentage of Bitcoin held for more than 10 years (long-term holders) has increased. Timmer continues:

   “Who buys Bitcoin these days? Not tourists (i.e. short-term holders) it seems. The percentage of Bitcoins held for less than three months has barely changed recently. But the number of HODLers continues to rise. The percentage of Bitcoins held for at least 10 years is now 13% level."