Fidelity’s Jurrien Timmer favors Bitcoin over gold amid sell-off

Fidelity's macro chief says Bitcoin's price relative to gold has held up better as both assets slide Bitcoin and gold both took a hit in the latest market sell-off. According to Fidelity’s Jurrien Timmer, only one of them handled it with any grace. Timmer, Fidelity’s Director of Global Macro, says he prefers Bitcoin over gold right now. His reasoning is simple: Bitcoin’s price measured against gold has held up while both assets slid. Timmer isn’t saying Bitcoin went up while gold went down. Both assets declined during the sell-off, which the research places around November 6-7. His focus is the ratio between them. On that scoreboard, Bitcoin looks strong. One Bitcoin bought approximately 12 ounces of gold at its low point in this cycle. It now buys roughly 21 ounces.

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