Bitcoin and gold both declined during the latest risk-off move, but Fidelity Director of Global Macro Jurrien Timmer said Bitcoin has shown stronger relative performance and remains his preferred asset for now. In a recent X post, Timmer said he still prefers Bitcoin over gold for the time being, noting that Bitcoin’s relative price has held up even as both assets sold off. Bitcoin was down 0.08% over 24 hours at $75,904 as investors assessed a stronger-than-expected jobs report and expectations for another Federal Reserve rate cut. The unemployment rate unexpectedly fell to 4.1%, while Fed funds futures priced a more than 77% chance of a quarter-point move at the Dec. 9 meeting, up from more than 66% the previous day. Timmer said Bitcoin and gold have recently become more correlated with equities, with both showing a 60%-70% correlation with the S&P 500. One Bitcoin bought approximately 12 ounces of gold at the cycle low and now buys roughly 21 ounces, moving above its recent trading range against gold. Timmer has documented several rotations of speculative capital between the assets since late 2025, after Bitcoin reached close to $126,000 in 2025 and gold momentum weakened. Institutional flows also favor Bitcoin: spot Bitcoin ETFs have attracted nearly $55 billion since 2024, compared with around $29 billion for gold and silver exchange-traded products. Timmer previously said in October 2024 that Bitcoin’s new four-year cycle bull market could be underway. He continues to support Bitcoin and gold as hedges against monetary and fiscal instability, but his current preference for Bitcoin is a near-term tactical tilt rather than a rejection of gold. Next week’s CPI and PPI releases, along with whether equities stabilize, could weigh more heavily on the Fed’s decision.