Fidelity Director: Bitcoin Has ‘Unique Advantage’ Over Gold
Fidelity’s Jurrien Timmer cites Bitcoin scarcity and finite supply giving it its advantage over gold (there are a vast amount of other reasons one could list making Bitcoin the superb choice)
A director at Fidelity thinks that Bitcoin is like digital gold.
But he thinks it has one distinct advantage to the yellow metal.
As Bitcoin goes mainstream, joining the ranks of its supporters is Jurrien Timmer, the director of Global Macro at Fidelity, a large financial services company that controls more than $3.3 trillion. And Bitcoin has a “unique advantage over gold,” he said.
Timmer last month published a note in which he suggested that it’s a good idea for portfolio managers to consider Bitcoin as a replacement for gold or bonds.
“Some investors may wish to consider bitcoin, alongside other alternatives, as one component of the bond side of a 60/40 stock/bond portfolio,” he wrote.
Timmer recited the features that give Bitcoin its value: its scarcity, its declining supply-growth curve, its reputation and its adherence to Metcalfe’s Law—which holds that a network’s value increases faster as the number of users rises.