Fidelity’s Timmer Says Speculative Money Is Shifting From Crypto to Tech Stocks
JH Kim
Summary
- Jurrien Timmer of Fidelity Investments said short-term speculative money is leaving the cryptocurrency market and moving into technology stocks.
- Timmer said speculative money first moved into Bitcoin (BTC) and then into gold, helping drive a surge in gold prices, and is now flowing heavily into technology stocks.
- He said speculative capital is now rapidly exiting the cryptocurrency market and the precious metals market.
Forecast Trend Report by Period
Jurrien Timmer, Fidelity Investments’ director of global macro, said short-term speculative money is leaving the cryptocurrency market and moving into technology stocks.
U.Today reported on July 2 that speculative capital first flowed into Bitcoin and then into gold, helping fuel a sharp jump in bullion prices, Timmer said. That money is now pouring into technology shares.
He added that speculative capital is now rapidly exiting both cryptocurrency and precious metals markets.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.