Fidelity’s Director of Global Macro, Jurrien Timmer, is more bullish on Bitcoin than gold, even as both assets are under selling pressure amid a broader shift toward risk-off sentiment in financial markets.
Timmer said in a recent X post that he still prefers Bitcoin to gold for now, pointing to Bitcoin’s relative price performance despite the selloff hitting both assets.
“I still prefer Bitcoin over gold for the time being, and its relative price is holding up even as both assets have sold off,” Timmer stated in an X post.
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I still prefer Bitcoin over gold for the time being, and its relative price is holding up even as both assets have sold off. https://t.co/1JKztVyqjd
— Jurrien Timmer (@TimmerFidelity) November 7, 2026
His comments follow an earlier post on X where he noted the growing relationship between the two assets and traditional equity markets.
Timmer says Bitcoin and gold have been following equities more closely in recent weeks, as they joined the broader market’s risk-off move.
“As for gold and Bitcoin, unfortunately they have gotten more correlated to equities lately and have joined the risk-off party in recent weeks. Both assets are 60-70% correlated to the SPX right now,” Timmer wrote in a separate X post.
Timmer’s comments on his preference for Bitcoin aren’t far-fetched, as in mid-October 2024, he indicated that Bitcoin’s new 4-year cycle bull market could be underway.
“And Bitcoin? A new 4-year cycle bull market could be underway, based on its power law patterns. There doesn’t seem to be a narrative, but then again, bull markets rarely start with one,” Timmer wrote.
Bitcoin price in red
The crypto market is showing mixed price action early Saturday, with Bitcoin price slightly down 0.08% in the last 24 hours to $75,904 as investors assessed a stronger-than-expected jobs report, which strengthened the case for another rate cut at next month’s Federal Reserve policy meeting.
The unemployment rate unexpectedly fell to 4.1%. The strong showing surely puts a December rate decision in play as markets continued to price in another rate change this year. Fed funds futures were pricing in a more than 77% chance of a quarter-point move coming at the Dec. 9 meeting, up from more than 66% the day prior.
But next week’s inflation numbers and the fate of the equities market could prove more important. Next week’s CPI and PPI reports will likely be more important in the Fed’s decision, as will whether the equity market stabilizes.