Director of Macroeconomic Research at Fidelity Investments Jurrien Timmer named Bitcoin is “exponential gold” and a “commodity currency” that aims to be a store of value and a hedge against monetary depreciation.
“Gold is, of course, money. But it is too deflationary and awkward to be used as a medium of exchange. Therefore, investors own it primarily as a store of value – and this is one of the many reasons why Bitcoin is often compared to gold.” shared his thoughts expert.
During periods of high inflation, when real rates are negative and/or money supply is abundant, the precious metal “gains market share relative to GDP,” Timmer noted.
In his opinion, Bitcoin has the potential to “become a player on the same team.”
Last year, the researcher noted that unlike unprofitable technology stocks, the first cryptocurrency has fundamentals that are likely to become more attractive over time.
Let us remember that in June Fidelity Investments filed an application to launch a spot Bitcoin ETF.
In October, investment company specialists called digital gold the safest, most decentralized and scarce cryptocurrency in the world.
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2023-11-02 16:17:55
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