Fidelity's Jurrien Timmer says he still prefers Bitcoin over gold amid sell-off
In brief
- Fidelity's Jurrien Timmer said on X he still prefers Bitcoin over gold "for the time being."
- Bitcoin's relative price is holding up as both assets sell off, Timmer said.
- Both assets are 60-70% correlated to the SPX right now, according to Timmer.
- A new 4-year Bitcoin cycle could be underway, Timmer said in an October 2024 post.
Bitcoin's relative strength
Timmer's view is a personal one, shared on his X account and reported by U.Today. It isn't presented as Fidelity's house view. Both Bitcoin and gold have been under selling pressure, and he's still more bullish on Bitcoin than gold through that stretch.
The comparison he drew is a relative one (Bitcoin's price against gold's, while both were falling), and that's how he framed it in his own words:
"I still prefer Bitcoin over gold for the time being, and its relative price is holding up even as both assets have sold off,"
Bitcoin was changing hands at $75,904, down 0.08% over 24 hours, at the time of U.Today's report.
Tied to equities
In a separate X post, Timmer said gold and Bitcoin have gotten more correlated to equities lately. He said both have joined the risk-off move in recent weeks, which means neither one has been trading on its own terms.
He put a number on it.
Both assets, by Timmer's count, are 60-70% correlated to the SPX right now. That's the backdrop for his preference: he isn't describing Bitcoin as escaping the sell-off, only as holding up better than gold inside it.
An older call from 2024
Timmer's bullishness on Bitcoin goes back further than his recent posts. In mid-October 2024 (an older post, not a current call), he indicated that a new 4-year cycle bull market could be underway for Bitcoin.
He based that 2024 view on Bitcoin's power law patterns. He also said at the time that there didn't seem to be a narrative behind it, "but then again, bull markets rarely start with one."
What he's saying now is narrower. It's a ranking of two assets that have both been dragged down by the same risk-off move, not a forecast, and Timmer's own wording ("for the time being") makes clear it's a view he's holding for now.
Frequently asked questions
Why does Fidelity's Jurrien Timmer prefer Bitcoin over gold?
In a post on X, Timmer said he still prefers Bitcoin over gold for the time being, citing Bitcoin's relative price holding up even as both assets sold off. The comments came from Timmer's X posts as reported by U.Today and were not presented as Fidelity's house view.
How correlated are Bitcoin and gold to stocks, according to Timmer?
In a separate X post, Timmer said gold and Bitcoin have become more correlated to equities and joined the risk-off move in recent weeks. He put both assets at 60-70% correlated to the SPX at the time.
