Jurrien Timmer, director of Fidelity’s Global Macro, said Bitcoin is acting like Dr. Jekyll and Mr. Hyde.
A highly creative metaphor was used to convey his claims about the double nature of Bitcoin. Cryptocurrency can simultaneously function as a store of value (Dr. Jekyll) and as a risk-on asset (Mr. Hyde). Meanwhile, according to Timmer, gold is “hard money and nothing else.”
“So we always know which money will show up at the party, but we don’t know if it’s Dr. Jekyll and Mr. Hyde with Bitcoin,” Timmer said.
In the famous novel, the respected Londoner Dr. Henry Jekyll created a potion that could turn him into Mr. Edward Hyde, an immoral figure of dark desires. Characters need to juggle between these two contrasting identities.
Stevenson’s novel was a huge hit in Victorian England upon release and quickly became a Gothic classic. Its popularity was amplified by a 1931 film adaptation with Fredrick March. This is considered a Protobody Horror Classic with better special effects than it was in the era.
Timmer believes that Bitcoin, which can run both a value store and a speculative risk-on asset, should be part of the investor portfolio.
“When it comes to value stores, that’s just as good as owning both,” Timmer said.
In the meantime, jpmorgan say That Bitcoin failed to perform as a safe haven asset.
