According to the World Director of Investments in Macro in Fidelity, Jurrien TimmerThere may soon be a Transfer of gold to BTC.
He declared it a few days ago on his personal profile X, with a tweet dedicated specifically to relationship between the price of the price of gold and that of bitcoin Over the past seven years.
BTC VS Gold: Fidelity's analysis
In the graph published by the director of loyalty, there are two curves which represent the BTC performance over time in orange, and that of Gold multiplied by 4 times in yellow. In fact, the The average volatility of gold is much lower Compared to that of Bitcoin, therefore to discern a certain type of connection between the two curves, it is necessary to widen the performance of gold four times.
The graph also shows two other curves below, namely the Golden Sharpe ratioin purple, and that of Bitcoinin blue.
Timmer comments by saying that ironically Gold and bitcoin are conversely correlated with each otherSince lately, the two active people have alternated, as is the comparison of the two Sharpe report indices.
Then, however, he adds:
“Apparently, it could be Bitcoin's turn to take the lead, since its Sharpe ratio is -0.40 while that of gold is 1.33. It is therefore perhaps time for a transfer of Bitcoin gold”.
Timing
Timmer does not specify the Timing of this hypothetical transferBut by analyzing the comparison between the two Sharpe reports, something can be deduced on this subject.
First of all, it should be noted that from 2018 to today, there has already been A dozen transactions of this type.
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For example, in November, after Electoral victory of AssetTHE Sharpe Ratio of Bitcoin had climbed above 1.5While that of gold had falling below zero. However, there was a Go through the baton With the Bitcoin Sharpe ratio which falls on the stockings, and that of gold exceeding 1.3 points.
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Note that from this point of view in 2024, there was also Another previous transfer in AprilWith the Sharpe Bitcoin ratio falling at -0,4 and that of gold rising above 1. In other words, there was Two transfers in 2024 and one in 2025It is therefore reasonable to expect another in a few months.
Choose them both
In a Previous tweetpublished last week, Timmer actually suggested not to choose between bitcoin and gold, but to have both.
Showing in particular the Graphic of the ratio between the price of bitcoin and that of goldhe commented by saying that he sees them as Different players from the same teamEven if he thinks that there is no “good” percentage in a portfolio for BTC and gold, because according to the Risk appetite Individual investors, such a question has different answers for each of them.
However, Timmer considers a good starting point a 4 to 1 ratio between gold and BTC in the portfolio, precisely because the The volatility of gold is a quarter of that of bitcoinWith Sharpe ratios.
The same day he had Posted another tweet in which he said he believed Bitcoin is slightly different from goldAs he has a Dr Jekyll and Mr. Hyde Personality. In fact, sometimes it appears as Exponential (species and reserve of value)other times as Speculative active similar to Nasdaq.
THE Very in -depth analysis by Timmeralso accompanied by many other tweets on the subject, shows how Gold appears clearly as protection against market uncertaintiesUnlike Bitcoin which does not behave as such.
Despite this, however, they have a kind of connection, even if it is probably not direct but in turn linked to the underlying trend of financial marketsand in particular of liquidity.
The differences between the BTC and the gold according to the fidelity
On the one hand, there is therefore Gold, which offers the stability and shelter of uncertaintiesWhile on the other hand, there is Bitcoin, which does not offer stability and shelter but greater opportunitiesAt least in theory.
Both, however, are deeply linked to financial market performanceand in particular at Liquidity on the marketsBut they react differently, precisely because of their different nature as Active at risk, gold and risky active, BTC.
They are actually Two different players playing in the same team in the same gamesBut in a different way of each other. Bitcoin is more like an attacker, while gold looks more like a defender. In addition, it must be remembered that generally The matches are not only won in attackbecause indeed A good defense is often a necessary condition To avoid being overwhelmed by opponents.
