Global macro director at financial services giant Fidelity, Jurrien Timmer shared his bitcoin outlook in a series of posts on social media platform X last week.

According to Timmer Bitcoin is a commodity currency that aims to be a store of value and he considers it to be exponential gold.

“In my view, bitcoin is a commodity currency that aims to be a store of value and a hedge against declines in monetary value. I think of it as exponential gold,” said Timmer, quoted from Bitcoin.com, Tuesday (14/11/2023).

Timmer added, based on monthly data as of September, bitcoin still has a positive correlation with stocks, but it is smaller than many other assets

Timmer also stated that BTC is negatively correlated with the US dollar. He said that strangely, Bitcoin is not correlated with gold. This is bad because it puts a question mark behind the test of bitcoin playing for the same team as gold.

“But this is positive because we want as many altcoins as possible to be uncorrelated with the 60/40 index and other altcoins. If bitcoin and gold are playing on the same team but in different games, then it’s not so bad,” explains Timmer.

Meanwhile, gold, according to Timmer, is too deflationary and clumsy to be used as a medium of exchange and noted investors own it primarily as a store of value and one of the many reasons bitcoin is often compared to gold.