Fidelity says Bitcoin can appreciate without taking market share from gold

Fidelity argues Bitcoin can appreciate in value without materially taking market share from gold, because it attracts distinct investor cohorts and benefits from structural factors like finite supply, evolving custody and regulatory frameworks, and growing institutional adoption. The firm suggests Bitcoin’s demand drivers are complementary to, rather than strictly competitive with, gold’s role as a store of value. Key implication: Bitcoin’s upside potential does not depend on reallocations from gold, which broadens the scope for price appreciation and positions it as a diversifying asset in institutional portfolios.