Fidelity’s Jurrien Timmer: Asset Inflation is Happening Now

Fidelity’s Jurrien Timmer sat down with Blockworks in Bretton Woods to talk about market bubbles, asset allocation and gold versus bitcoin.

article-image

Jurrien Timmer, director of global macro, Fidelity

share
  • Timmer thinks we are in a period of overvaluation in the market, and he has the math to back it up
  • There is a place for both bitcoin and gold when it comes to portfolio allocation, he says

Earlier this month at the Bretton Woods: The Realignment conference, Jurrien Timmer, the director of global macro at Fidelity, shared his thoughts on the current state of the market and what asset allocation should look like in a period of overvaluation. 

“I think the word ‘bubble’ gets overused,” Timmer explained. “But there is clearly asset inflation, and you can actually quantify that.” 

The discounted cash flow model, Timmer said, is showing an inflation of 5 price-to-earning points for the S&P 500. It’s not quite a bubble in Timmer’s view, but it is a clear example of asset inflation. 

Timmer, a self-proclaimed traditional asset allocator, is a long-time believer in the 60/40 model, but there is a place for digital assets and gold in a diversified portfolio. 

“When I’m thinking about gold and bitcoin, I think of them as different players, but on the same team,” he said. 

Gold cannot compete with equities over the long run, but it can compete with bonds in a period of monetary inflation, which is where we are today, Timmer explained. Bitcoin does have an edge in scarcity and network impacts, but both are stores-of-value assets. 

Watch my full interview with Timmer below.

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Hilton Park Lane

Tues - Wed, November 10 - 11, 2026

DAS London is a two-day summit at the Hilton Park Lane in London featuring conversations between the builders, allocators, and policy makers who are shaping the trajectory of the digital asset ecosystem in the UK, Europe, and North America.

Marina Bay Sands Singapore

Wednesday, October 07, 2026

DAS Asia is a a single-day summit at Marina Bay Sands Singapore featuring conversations between the builders, investors, and global leaders are shaping the trajectory of the digital asset ecosystem in Asia & North America.

recent research

Black Generic.png

Research

Compute demand is two-sided, the precondition for any hedging market. Producers (neoclouds and independent data centers) fear their inventory clears below cost. Consumers (inference platforms and the agentic application layer) fear compute will get more expensive. The common read holds that nonfungibility keeps both off any general exchange, since a buyer wants a named SKU in a named region rather than a basket, so the trade stays bilateral and the only exchange users are dealers hedging their book. That describes launch conditions, but understates how commodity markets form. Canonical benchmarks get made through trading, and reservations standardize as the curve deepens. The dealer-intermediated structure is not the end state, it is the seed of one.

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Blockworks Research

Unlock crypto's most powerful research platform.

Our research packs a punch and gives you actionable takeaways for each topic.

SubscribeGet in touch

Blockworks Inc.

133 W 19th St., New York, NY 10011

Blockworks Network

NewsPodcastsNewslettersEventsRoundtablesAnalytics