Jurrien Timmer, director of global macro at financial giant Fidelity, has opined that Bitcoin-sensitive equities and gold miners are both competing to be the best performer of the year.
Both groups of stocks have secured extremely impressive gains that surpass 150%, meaning that they are very distinct risk assets.
Meanwhile, physical gold and meme stocks are vying for the runner-up status. Considering that these assets are almost opposites when it comes to investor intent, their returns currently indicate dispersion, meaning that investors are pursuing returns with different risk preferences.
Timmer has noted that such groups as artificial intelligence (AI) stock and European banks are also up by more than 50% on a year-to-date basis.
Bitcoin’s underperformance
At the same time, Bitcoin and utilities (classic income-generating stocks with little volatility) are both up by roughly 20% this year. Their performance is in line with the S&P 500, which is rather remarkable given that the leading cryptocurrency is still perceived as a relatively nascent asset that tends to experience significantly more volatility.
As reported by U.Today, Timmer previously predicted that Bitcoin would be able to outperform gold in the second half of the year.