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In a recent social media post, Fidelity’s Jurrien Timmer has implied that both gold and Bitcoin might be getting overvalued.
One reason to contemplate ringing the golden bell is that if gold is a play on US fiscal dominance, one could argue that the run is now complete. The chart below shows US M2 against the above-ground value of gold plus the market value of bitcoin. During times of monetary… pic.twitter.com/fdaS9rjnlu
— Jurrien Timmer (@TimmerFidelity) October 23, 2025
He has noted that the two assets represent 133% of M2, which represents the entire US money supply that includes cash, deposits, and so on.
This is close to the 1980 peak of the yellow metal’s value relative to M2
That said, Timmer did not explicitly state that these assets have already peaked. However, he believes that bears should be somewhat cautious.
“It’s something to keep in mind after gold’s stratospheric run,” he said.
Two key trends
In a follow-up post, he claims that Bitcoin and gold are essentially a play on two trends: US fiscal dominance and the challenge to dollar dominance.
Countries and investors are looking for non-dollar assets that could serve as viable alternatives.
