Jurrien Timmer, the director of worldwide macro at Constancy Investments, says that Bitcoin stole the show in 2024 its spectacular rally that allowed the cryptocurrency to lastly clear the $100,000 mark.
He additionally famous that gold’s stellar efficiency was “particularly spectacular” on condition that it’s the most negatively correlated asset.
Timmer added that the markets ended the identical approach they started final yr, with Bitcoin and gold being in cost alongside some main U.S. shares. Nevertheless, it stays to be seen whether or not this dynamic will play out this yr. “Whether or not 2025 shall be the yr that flips these polarities round is one thing that we’ll all be spending many hours on in the coming months,” he stated.
Bitcoin reached a brand new report excessive of $108,135 in December. Nevertheless, it has been struggling to regain floor since then as a result of the Federal Reserve’s hawkishness.
In December, Timmer opined that gold and Bitcoin had been two gamers “on the identical staff.” The 2 belongings reached a mixed market worth of $20 trillion.
At the identical time, he seemingly downplayed the significance of the $100,000 milestone, arguing that it’s “simply the worth.”
“Bitcoin at $100k could be excessive or low, relying in your perspective, however a mixed market worth of $20 trillion is a quantity rooted in financial fundamentals,” he stated.
He famous that the development of the cash provide shall be considered one of the key elements that may decide whether or not or not Bitcoin and gold will proceed advancing.
Earlier, Timmer additionally famous that the worth of Bitcoin had been “carefully linked” to the measurement and development of its community. In November, he warned that the cryptocurrency’s community development slowed down significantly in 2024.
