Fidelity's Timmer Says Speculative Money Is Shifting From Crypto to Tech Stocks
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.
- He said speculative money is now rapidly exiting both the cryptocurrency and precious metals markets.
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.
Timmer told crypto media outlet U.Today on July 3 that speculative money first moved into Bitcoin and then into gold, fueling a sharp rise in bullion prices. It is now flowing heavily into tech shares.
He added that speculative money is now rapidly exiting both the cryptocurrency and precious metals markets.
reporter1@bloomingbit.ioHello, I'm a reporter at bloomingbit