Fidelity Macro Director Says Bitcoin May Soon Outshine Gold

Fidelity’s director of global macro, Jurrien Timmer, suggests Bitcoin could soon take the lead over gold as the top macro hedge. Despite Bitcoin currently underperforming the precious metal, Timmer believes the tide may be turning in favor of the digital asset.

Timmer's thesis is rooted in the Sharpe ratio—a key risk-adjusted return metric. While gold boasts a healthy Sharpe ratio of 1.33, Bitcoin’s is currently -0.40, indicating returns below the risk-free rate. As a result, gold has significantly outperformed Bitcoin so far this year, particularly amid growing global economic uncertainty and trade-related tensions. Bitcoin is down approximately 17% against gold in 2025, despite briefly surging to near $98,000 on Bitstamp earlier today—its highest price since late February.

Still, Timmer maintains a bullish long-term view on Bitcoin. He sees both gold and Bitcoin as essential components in a diversified portfolio, recommending a 4:1 gold-to-Bitcoin ratio. According to him, they serve as "different players on the same team," offering investors unique advantages.

While gold is widely regarded as a traditional safe-haven asset, Bitcoin is “slightly different,” said Timmer, describing it as having a “Dr. Jekyll and Mr. Hyde personality” due to its dual nature as both hard money and a speculative instrument. This characteristic may create volatility, but also provides upside potential as macro trends shift.

With institutional demand rising and economic instability increasing, Bitcoin’s role as digital gold could strengthen—potentially signaling a passing of the baton in global asset preference.