Fidelity Analyst Warns of Problems, Says Massive Spike in Money Supply Needed for Bitcoin and Gold to Shine

A macro analyst at investment giant Fidelity believes a sustained increase in money supply is needed to strengthen the case that Bitcoin (BTC) and gold are stores of value that protect against government-induced inflation.

Jurrien Timmer, director of global macro at Fidelity, notes on social media platform ‘weakening of money.

“My sense is that for the store of value issue to really accelerate, we will need to see sustained, above-trend growth in monetary aggregates. So far we have seen no such thing, with the massive spike in real M2 during the pandemic quickly reversing under the weight of a restrictive Fed. This tells me that gold and Bitcoin are a play with something that could happen, but hasn’t happened yet.”

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Source: Jurien Timmer/X

M2 is a money supply metric that measures people’s cash, checking accounts, and other types of deposits that are easily converted into cash.

At the time of writing, Bitcoin is trading at $68,435. The top-ranked crypto asset by market capitalization has fallen nearly 4% over the past seven days.

Image generated: DALLE3

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