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BlockBeats News: On May 4th, Fidelity hinted that Bitcoin may soon take over the baton from gold. Jurrien Timmer, Global Macro Director of Fidelity Investments, recently published a detailed analysis of the dynamic relationship between Bitcoin and gold. He cited data from Fidelity Management and Research Company (FMR Co) and Bloomberg to analyze the trends in the Sharpe ratio (a measure of risk adjusted returns) of two assets, and pointed out that their relative performance may be at a turning point. Ironically, there is a negative correlation between gold and Bitcoin. As can be seen from the chart below, the Sharpe ratios of these two assets have been alternately leading recently, "he commented, adding," It seems that the next moment may be Bitcoin's leading moment, as its Sharpe ratio is currently -0.40, while gold is 1.33. Therefore, we may witness the baton handover from gold to Bitcoin The chart he shared shows that gold's recent return was $22.51, while Bitcoin's was $13.22. The return of gold was magnified fourfold to reflect its lower volatility, while the return of Bitcoin was not adjusted proportionally and remained at double. Timmer also commented on the psychological and behavioral aspects of investing in Bitcoin. He described the volatility and unpredictability of Bitcoin as its fundamental characteristics: "Bitcoin is slightly different from gold because it has the dual personality of 'Dr. Jekyll and Mr. Hyde'." According to Timmer, Bitcoin performs best when the money supply (M2) and stock market expand simultaneously, thanks to its dual attractiveness as a speculative asset and a store of value. And gold, he commented, 'has only one attribute', providing more stability. Timmer acknowledges the legitimacy of Bitcoin in today's monetary landscape, calling it a "modern invention that aspired to become a hard currency in the era of loose monetary policy.