Chris Kuiper, research director at Fidelity’s Digital Assets Unit, has expressed his view that both Bitcoin and Gold are driven by the same market forces (liquidity and inflation expectations).
He said Bitcoin was “barely managed” to create a new golden high in December. Major cryptocurrencies have barely occurred compared to the double-top recorded in previous bull markets.
Kuiper then added that gold had surged nearly 70% over the 2019-2020 period. Bitcoin spins more than 100% after the yellow metal finally peaked.
Fidelity executives don’t think the same scenario will necessarily unfold this time. “We’ll see if these times are similar or different,” he added.
Kuiper sees Gold as a more established market for key players. Bitcoin is more focused on retail and tends to experience the “final euphoric bull run.”
This is supposed to explain why Bitcoin is currently lacking in gold.
As Reported by U.TodayFidelity’s Global Macro director Jurrien Timmer recently said Gold and Bitcoin are actually on the same team.
