Fidelity Macro Chief Timmer Still Favors Bitcoin Over Gold
One Bitcoin now buys about 21 ounces of gold, up from 12 at the cycle low. Fidelity's Jurrien Timmer says that relative strength is why he still prefers BTC over gold, even with both assets 60-70% correlated to the S&P 500.
One Bitcoin buys roughly 21 ounces of gold today, up from about 12 at its low point this cycle. That is why Fidelity's Jurrien Timmer still favors it. The Director of Global Macro made the call in an X post on November 7, 2026, while both assets sold off.
"I still prefer Bitcoin over gold for the time being, and its relative price is holding up even as both assets have sold off."
Jurrien Timmer, Director of Global Macro at Fidelity
Timmer's focus is the BTC/gold ratio, not Bitcoin rising in dollar terms. BTC sat at $75,904 early Saturday, down 0.08% over 24 hours. The ratio has pushed above its recent trading range.
Neither asset is acting as a haven. In a separate post, Timmer said both have "joined the risk-off party in recent weeks."
"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,"
Jurrien Timmer
That correlation is the main risk to the diversification argument. If both keep tracking stocks, their value in broad drawdowns shrinks.
Rotation, not conviction
This is a tactical tilt. Timmer still endorses both assets as diversifiers against monetary and fiscal instability.
He has also logged several rotations of speculative capital between Bitcoin and gold since late 2025, after Bitcoin peaked near $126,000 that year. The pendulum has swung before.
Flows tell part of the story. Spot Bitcoin ETFs have drawn nearly $55 billion since 2024, versus around $29 billion for gold and silver exchange-traded products.
Macro backdrop
The drop followed a stronger-than-expected jobs report, with unemployment falling to 4.1%. Fed funds futures priced more than a 77% chance of a quarter-point cut at the Dec. 9 meeting, up from more than 66% a day earlier. Next week's CPI and PPI prints, plus equity stability, may matter more for both assets than the labor data.
The call fits Timmer's wider work. In mid-October 2024, he wrote that a new four-year cycle bull market could be underway for Bitcoin, based on power law patterns. Fidelity's digital assets arm has also weighed in on structural questions, as in its warning that AI could threaten Bitcoin security.
Bottom line: a relative-value call, not a bullish one. Bitcoin's gold ratio is up roughly 75% from its cycle low, yet BTC still trades with equities.
