
<p>On this episode of &#8220;<a href="https://youtu.be/KJX9uqZVzEA" target="_blank" rel="noreferrer noopener">On the Margin</a>,&#8221; Blockworks Co-founder Michael Ippolito is joined by Jurrien Timmer, director of global macro at Fidelity, and PlanB, the anonymous quant investor and creator of the bitcoin S2F model.</p>



<p>Timmer and PlanB discuss the current macro forces that are driving markets, from Fed rate hikes to yield curve inversion and equity market valuations. In the second half of the discussion, the guests debate valuation models for bitcoin, how current market conditions could effect bitcoin and what the next phase of bitcoin will be as it enters the geopolitical landscape.</p>



<p>They also cover:  </p>



<ul class="wp-block-list"><li>if the 4-year cycle is over</li><li>the equity market outlook</li><li><span style="color: initial;">and so much more</span></li></ul>



<p>Watch the full episode below! 👇</p>



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<iframe loading="lazy" title="The Macro Forces Driving Bitcoin | Plan B &amp; Jurrien Timmer" width="1024" height="576" src="https://www.youtube.com/embed/KJX9uqZVzEA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
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<p>&#8220;On the Margin&#8221; is a two-part show.&nbsp;Once a week, Mike interviews industry experts. At the end of the week, he is joined by a co-host where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.</p>



<p>Subscribe to &#8220;On the Margin&#8221; today on <a href="https://podcasts.apple.com/us/podcast/on-the-margin/id1558223079" target="_blank" rel="noreferrer noopener">Apple</a> or <a href="https://open.spotify.com/show/2yFL2nSsQucf1rzdEKbFZY" target="_blank" rel="noreferrer noopener">Spotify</a>, or watch episodes on <a href="https://youtube.com/playlist?list=PLvER9nHSRN3xVs_p-dl7L7K_ZgL6lSudu" target="_blank" rel="noreferrer noopener">YouTube</a>.</p>



<hr class="wp-block-separator"/>



<p><strong><strong><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a target="_blank" href="https://cms.blockworks.co/newsletter/?source=end" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></strong> </strong></p>



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Podcast: The Macro Forces Driving Bitcoin | PlanB and Jurrien Timmer

Casey Wagner

<div id="highlights-block_6129258384077" class="highlights">
    
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<div id="highlights-block_612925b484078" class="highlights">
        <ul>
                <li>Timmer thinks we are in a period of overvaluation in the market, and he has the math to back it up</li>
                <li>There is a place for both bitcoin and gold when it comes to portfolio allocation, he says </li>
            </ul>
    
</div>



<p>Earlier this month at the Bretton Woods: The Realignment conference, Jurrien Timmer, the director of global macro at Fidelity, shared his thoughts on the current state of the market and what asset allocation should look like in a period of overvaluation.&nbsp;</p>



<p>“I think the word ‘bubble’ gets overused,” Timmer explained. “But there is clearly asset inflation, and you can actually quantify that.”&nbsp;</p>



<p>The discounted cash flow model, Timmer said, is showing an inflation of 5 price-to-earning points for the S&amp;P 500. It’s not quite a bubble in Timmer’s view, but it is a clear example of asset inflation.&nbsp;</p>



<p>Timmer, a self-proclaimed traditional asset allocator, is a long-time believer in the 60/40 model, but there is a place for digital assets and gold in a diversified portfolio.&nbsp;</p>



<p>“When I’m thinking about gold and bitcoin, I think of them as different players, but on the same team,” he said.&nbsp;</p>



<p>Gold cannot compete with equities over the long run, but it can compete with bonds in a period of monetary inflation, which is where we are today, Timmer explained. Bitcoin does have an edge in scarcity and network impacts, but both are stores-of-value assets. </p>



<p>Watch my full interview with Timmer below.</p>



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<iframe loading="lazy" title="Bretton Woods: Fidelity&#039;s Jurrien Timmer on Asset Inflation" width="1024" height="576" src="https://www.youtube.com/embed/zr3SwB3bMKw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<p><strong><em>Want more investor-focused content on digital assets? <a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Join us</a> September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. <a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Buy it now</a>.</em></strong></p>


Fidelity’s Jurrien Timmer: Asset Inflation is Happening Now

Liz Coyne


<p>In this episode of &#8220;<a href="https://www.youtube.com/watch?v=LicR8YwCHuA" target="_blank" rel="noreferrer noopener">On the Margin</a>,&#8221; Blockworks&#8217; co-founder Michael Ippolito, sits down with Director of Global Macro at Fidelity, Jurrien Timmer. They discuss the markets&#8217; record high valuations, inflation&#8217;s effect on bond yields, bitcoin and Plan B&#8217;s stock-to-flow model. Taking a 10,000 foot view, Jurrien highlights how investors can prepare for this period of financial repression and generate returns in a high debt, low yield environment.</p>



<p>They cover:</p>



<ul class="wp-block-list"><li>Low interest rate environment</li><li>Effects of QE</li><li>Asset allocation during financial repression</li><li>The future of the monetary system</li></ul>



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https://www.youtube.com/watch?v=LicR8YwCHuA
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<p>&#8220;On the Margin&#8221; is a two-part show.&nbsp;Once a week, Mike interviews industry experts, and then at the end of the week he is joined by co-host <a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Tyler Neville</a> where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.</p>



<p>Subscribe to &#8220;On the Margin&#8221; today on <a href="https://podcasts.apple.com/us/podcast/lyn-alden-explains-connection-between-inflation-bitcoin/id1558223079?i=1000513411286" target="_blank" rel="noreferrer noopener">Apple</a> or <a href="https://spoti.fi/3bTa9uw" target="_blank" rel="noreferrer noopener">Spotify</a>, or watch episodes on <a href="https://youtube.com/playlist?list=PLvER9nHSRN3xVs_p-dl7L7K_ZgL6lSudu" target="_blank" rel="noreferrer noopener">YouTube</a>.</p>
