Financial services giant Fidelity’s director of global macro says bitcoin is “exponential gold.” He explained that gold is “too deflationary and clunky to be used as a medium of exchange,” noting that “investors own it primarily as a store of value — and one of the many reasons bitcoin is often compared to gold.”On Friday, the Fidelity director further discussed bitcoin on X. “Based on monthly data as of September, bitcoin still has a positive correlation to equities, but less so than many other assets,” he said. “Where might bitcoin sit in a 60/40 portfolio? In my view, it should sit squarely in the alts bucket. However, while bitcoin’s correlation is becoming less positive against the S&P 500, it is not negatively correlated against much else.”Timmer additionally stated that BTC is “negatively correlated to the U.S. dollar and T-bills.” He continued: “Surprisingly, it is uncorrelated against gold. That’s bad because it puts a question mark behind the thesis that bitcoin is playing for the same team as gold. But it’s positive because we want as many of the alts to be uncorrelated against both the 60/40 index and against other alts.” The executive concluded: “If bitcoin and gold play on the same team but in different games, then that’s not too bad.”