Fidelity exec: Gold investors are returning to Bitcoin

Jurrien Timmer, director of global macro at major U.S. asset manager Fidelity Investments, has analyzed that investors who abandoned Bitcoin late last year are now returning to the cryptocurrency. He noted that while investors pulled funds from crypto and flocked to gold last year, that trend is now reversing. "The flow of funds has reversed as gold's popularity wanes and Bitcoin establishes its position," Timmer explained, adding that Bitcoin is currently consolidating and forming a strong support line while preparing for its next rally. In contrast, he said, gold has recently shown poor performance. Timmer described this as a "somewhat surprising phenomenon," suggesting a reversal in sentiment among the short-term profit-seekers who had previously moved into gold.