Bitcoin is 'exponential gold,' says Fidelity executive

Quick Take

  • Jurrien Timmer of Fidelity Investments views bitcoin as “exponential gold.”
  • Back in 2021, he predicted a bitcoin price of $100,000 by 2023, which hasn’t yet happened.

While Bitcoin BTC +1.76% is often compared to gold, its value can increase more rapidly than that of gold, according to a Fidelity Investments executive.

"In my view, bitcoin is a commodity currency that aspires to be a store of value and a hedge against monetary debasement. I think of it as exponential gold," Jurrien Timmer, director of global macro at Fidelity Investments, said on Wednesday, as bitcoin's price has been trending upward this year.

Timmer believes that bitcoin has the potential to perform at least as well as gold has in the past under certain economic conditions including periods of high inflation, negative real interest rates and excessive money supply growth, with notable examples occurring in the 1970s and the 2000s.

Timmer, who has been with Fidelity for nearly 29 years, delved into the world of bitcoin in late 2020. In 2021, he stated his expectation that bitcoin would gradually gain more market share from gold and predicted that bitcoin's price would reach $100,000 by 2023. The current price of bitcoin is around $34,920.

'Ongoing financial repression'


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Last year, Timmer said he remains bullish on the world's first and largest cryptocurrency "as an aspiring store of value in a world of ongoing financial repression."

Fidelity has a dedicated crypto unit named Fidelity Digital Assets that offers bitcoin and ether custody and trading services. Earlier this year, Fidelity Digital Assets quietly opened access to its Fidelity Crypto platform for retail customers.

In June, Fidelity submitted a fresh application for a spot bitcoin exchange-traded fund following its initial filing in 2021. Asset management companies, including Fidelity, BlackRock, WisdomTree and Invesco await a decision from the Securities and Exchange Commission, which is is currently reviewing multiple bitcoin ETF applications.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.


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