Fidelity’s Jurrien Timmer favors Bitcoin over gold amid sell-off

Fidelity's macro chief says Bitcoin's price relative to gold has held up better as both assets slide Bitcoin and gold both took a hit in the latest market sell-off. According to Fidelity’s Jurrien Timmer, only one of them handled it with any grace. Timmer, Fidelity’s Director of Global Macro, says he prefers Bitcoin over gold right now. His reasoning is simple: Bitcoin’s price measured against gold has held up while both assets slid. What Timmer is watching Timmer isn’t saying Bitcoin went up while gold went down. Both assets declined during the sell-off, which the research places around November 6-7. His focus is the ratio between them. On that scoreboard, Bitcoin looks strong. One Bitcoin bought approximately 12 ounces of gold at its low point in this cycle. It now buys roughly 21 ounces. The move has also pushed Bitcoin above the recent trading range it held against gold. For technical analysts, a break like that often signals a change in leadership between two assets. Timmer has a habit of tracking these shifts closely. He has recorded several rotations of speculative capital between Bitcoin and gold since late 2025. Those rotations picked up after Bitcoin peaked close to $126,...