Jurrien Timmer, the director of global macro at Fidelity Investments, says that Bitcoin stole the show in 2024 its impressive rally that allowed the cryptocurrency to finally clear the $100,000 mark.
He also noted that gold’s stellar performance was “especially impressive” given that it is the most negatively correlated asset.
Timmer added that the markets ended the same way they began last year, with Bitcoin and gold being in charge alongside some leading U.S. stocks. However, it remains to be seen whether this dynamic will play out this year. “Whether 2025 will be the year that flips these polarities around is something that we will all be spending many hours on in the coming months,” he said.
Bitcoin reached a new record high of $108,135 in December. However, it has been struggling to regain ground since then due to the Federal Reserve’s hawkishness.
In December, Timmer opined that gold and Bitcoin were two players “on the same team.” The two assets reached a combined market value of $20 trillion.
At the same time, he seemingly downplayed the importance of the $100,000 milestone, arguing that it is “just the price.”
“Bitcoin at $100k can be high or low, depending on your point of view, but a combined market value of $20 trillion is a number rooted in monetary fundamentals,” he said.
He noted that the growth of the money supply will be one of the key factors that will determine whether or not Bitcoin and gold will continue advancing.
Earlier, Timmer also noted that the price of Bitcoin had been “closely linked” to the size and growth of its network. In November, he warned that the cryptocurrency’s network growth slowed down significantly in 2024.
