Emphasizing that gold is a more established market for major players, Fidelity Digital Assets Research Director Kuiper stated that Bitcoin often experiences “the final enthusiastic bull runs.” He expressed that this could be the fundamental reason for Bitcoin’s currently weaker performance compared to gold. Fidelity’s research director for digital assets, Chris Kuiper, pointed out that the main reason behind the correction in Bitcoin price is its delayed response to market forces compared to gold. Kuiper highlighted that both Bitcoin and gold are driven by the same fundamental factors, which he defined as liquidity conditions and inflation expectations. Kuiper noted that Bitcoin struggled to reach a new peak against gold in December and showed limited movement compared to the double top formation seen in the previous bull market period. Kuiper stated that Bitcoin failed to gain strength against gold, attributing this to Bitcoin being largely influenced by retail investors. Kuiper emphasized that the gold market is more settled and established for major players who first price in macroeconomic dynamics, while Bitcoin is more influenced by individual investors and often experiences “the final enthusiastic bull runs” as an asset class. He added that this difference could explain why Bitcoin is currently underperforming compared to gold. Fidelity’s global macro strategist Jurrien Timmer recently stated that gold and Bitcoin actually belong to the same team, pointing out that the two assets respond similarly to macroeconomic conditions. However, Kuiper, recalling that gold rose by about 70% in 2019-2020, followed by Bitcoin gaining more than 100%, said that it is uncertain whether this cycle will repeat or whether a different market structure will emerge. He used the expression “Will we see the same scenario this time, or will a different market structure emerge, only time will tell.”