{"id":9688,"date":"2023-11-04T21:38:58","date_gmt":"2023-11-04T21:38:58","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/bitcoins-value-can-outpace-gold-says-fidelity-executive\/"},"modified":"2023-11-04T21:38:59","modified_gmt":"2023-11-04T21:38:59","slug":"bitcoins-value-can-outpace-gold-says-fidelity-executive","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9688","title":{"rendered":"Bitcoin&#8217;s Value Can Outpace Gold, Says Fidelity Executive"},"content":{"rendered":"<div>\n<figure id=\"attachment_127033\" aria-describedby=\"caption-attachment-127033\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-127033\" class=\"wp-caption-text\">Fidelity Bitcoin. Source: Adobe \/ 24K-Production<\/figcaption><\/figure>\n<p>Bitcoin (BTC) may be a form of \u201cexponential gold\u201d capable of outperforming the precious metal in times of high inflation, wrote Fidelity\u2019s Global Macro Director Jurrien Timmer on Wednesday.<\/p>\n<p>In a series of threads posted on X this week, Timmer outlined how Bitcoin\u2019s risk-return ratio is in a \u201cdifferent universe\u201d from traditional asset classes like gold, stocks, or treasury debt.<\/p>\n<p>\u201cIn my view, Bitcoin is a commodity currency that aspires to be a store of value and a hedge against monetary debasement,\u201d he wrote on Wednesday. \u201cI think of it as exponential gold.\u201d<\/p>\n<p>While recognizing gold as \u201cmoney,\u201d the analyst said it is \u201ctoo deflationary and clunky to be used as a medium of exchange.\u201d Nevertheless, the precious metal has gained market share relative to GDP during periods of excessive money supply growth, such as in the 1970s and 2000s.<\/p>\n<p>Bitcoin bullish hedge fund managers from Paul Tudor Jones to BlackRock\u2019s Larry Fink have frequently likened Bitcoin to \u201cdigital gold\u201d for its reliable scarcity in comparison to dollars or other forms of fiat currency.<\/p>\n<p>When the Federal Reserve reduced interest rates in 2020, Bitcoin and gold surged to new all-time highs within months. Likewise, each experienced major retracements in 2022 as interest rates climbed, but both have recovered remarkably well since then.<\/p>\n<p>What differentiates both assets is volatility, with Bitcoin showing roughly four times the volatility of gold \u201cBitcoin\u2019s high vol gets a bad rap sometimes, but with those huge drawdowns also come large gains,\u201d Timmer wrote.<\/p>\n<p>\u201cYes, Bitcoin is down 54% from its two-year high, but it is also up 84% from its low,\u201d he continued, adding that government bonds \u201ccan\u2019t hold a candle to that risk-reward math.\u201d<\/p>\n<p>By comparison, Gold is now 1% down from its two-year high, and up 22% from its two-year low, now trading for $1978 per ounce.\n<\/p>\n<h2>What Does Bitcoin Trade With?<\/h2>\n<p>\nDespite comparable qualities and periods of parallel trading this year, Timmer noted that Bitcoin still remains completely uncorrelated to gold. Rather, it retains a significant (but shrinking) correlation to the S&amp;P500, while appearing negatively correlated to the US Dollar, and US Treasuries.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Below, we see a ranking of Bitcoin\u2019s correlation to the rest of the menu. It is negatively correlated to the US Dollar and T-Bills, but that\u2019s about it. And surprisingly, it is uncorrelated against gold. \/6 <a rel=\"nofollow\" href=\"https:\/\/t.co\/Xj1AXSWT2e\">pic.twitter.com\/Xj1AXSWT2e<\/a><\/p>\n<p>\u2014 Jurrien Timmer (@TimmerFidelity) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/TimmerFidelity\/status\/1720451095804154280?ref_src=twsrc%5Etfw\">November 3, 2023<\/a><\/p>\n<\/blockquote>\n<p>\u201cit puts a question mark behind the thesis that Bitcoin is playing for the same team as gold,\u201d he wrote on Friday. \u201cIf Bitcoin and gold play on the same team but in different games, then that\u2019s not too bad.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/bitcoins-value-can-outpace-gold-says-fidelity-executive.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fidelity Bitcoin. Source: Adobe \/ 24K-Production Bitcoin (BTC) may be a form of \u201cexponential gold\u201d capable of outperforming the precious metal in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":9689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-9688","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin&#039;s Value Can Outpace Gold, Says Fidelity Executive | inFundPros<\/title>\n<meta name=\"description\" content=\"Fidelity Bitcoin. 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