Jurrien Timmer, Fidelity Investments' global macro head, stated that Bitcoin stole the show in 2024 with its impressive rally, ultimately leading the cryptocurrency to cross the $100,000 threshold.
He also highlighted gold's stellar performance, which was particularly impressive considering it's the most negatively correlated asset.
According to Timmer, the markets ended the year in a similar fashion to how they began, with Bitcoin and gold leading the way, along with some key U.S. stocks. However, it remains to be seen whether this dynamic will continue in 2025. "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 added.
Bitcoin hit a new record high of $108,135 in December, but it has since struggled to recover ground amid the Federal Reserve's hawkish stance.
In December, Timmer suggested that gold and Bitcoin were two players "on the same team," with the two assets reaching a combined market value of $20 trillion.
At the same time, he appeared to downplay the significance of the $100,000 milestone, arguing that it's "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 stated.
He added that the growth of the money supply will be a key factor in determining whether Bitcoin and gold can continue advancing.
Previously, Timmer also noted that Bitcoin's price has been "intimately linked" to the size and growth of its network. In November, he pointed out that the cryptocurrency's network growth slowed down significantly in 2024.
