Fidelity’s Timmer Sees Bitcoin Leading Gold Again

Jurrien Timmer, Global Macro Director at Fidelity, continues to prefer bitcoin over gold despite the recent decline of both assets. His reasoning does not rely on their performance in dollars, but on BTC’s ability to gain ground against the yellow metal while maintaining a higher upside potential. Bitcoin and gold both fell during the recent wave of risk aversion. A view limited to their dollar prices could thus conclude that neither properly fulfills its role as protection. Timmer uses another indicator: the number of ounces of gold one bitcoin can buy. This ratio removes dollar fluctuations and directly measures the relative strength of the two assets. After a low near 12 ounces during the current cycle, one BTC now buys about 21 ounces.

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