Bitcoin's price remains above $100,000, drawing the attention of analysts. Jurrien Timmer, Director of Global Macro at Fidelity, stated that the cryptocurrency could once again strengthen its position as a store of value.
In a recent post, he wrote about the convergence of the Sharpe ratios between Bitcoin and gold. This metric reflects the return-to-risk ratio — the higher it is, the more attractive the asset is from a risk management perspective. According to Timmer, the two assets, traditionally considered “safe havens,” remain only weakly correlated.
“I continue to be surprised that the asset with the lowest correlation to Bitcoin is gold. Yet both claim the same role — preserving value. Bitcoin’s risk profile remains unique,” he noted.
Data shows that from 2018 to May 2025, Bitcoin has gradually been closing the gap. In terms of relative returns, gold stands at 4x (equivalent to $22.48), while Bitcoin is at 1x ($15.95). This indicates Bitcoin’s strengthening position as an alternative to gold, even when accounting for volatility.
Stablecoins Expanding Beyond the Dollar
Against this backdrop, Tether co-founder Reeve Collins stated that the dollar’s monopoly in the stablecoin market is giving way to new collateral models. In a recent interview, he noted that in the future, stablecoins will be backed not only by fiat currencies but also by assets such as gold, commodities, and money market funds.
According to him, these instruments could offer higher yields than traditional bonds, increasing their attractiveness. He also emphasized that the tokenization of real-world assets will play a key role in reshaping market structure.
Among these new solutions are stablecoins backed by yield-generating instruments already operating on the blockchain. This could significantly shift the market balance and provide users with an alternative to the U.S. dollar as the dominant form of collateral.
Performance: Gold Leads Early 2025
Since the beginning of 2025, gold has gained 30,33%, while Bitcoin has grown by only 3,84%. However, BTC functions differently: it is a “high-beta asset” that performs best under monetary easing and weakening fiat currencies.
Now the situation is shifting. The Federal Reserve’s moderate stance, clarity on trade policy, and improving financial conditions have reignited capital inflows into Bitcoin ETFs.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
