Jurrien Timmer, global macro director at Fidelity, recently commented on the debate over whether bitcoin and gold are more reliable stores of value, reasoning based on the concept of "fiscal dominance", in which governments act to expand the money supply, threatening the purchasing power of money. Inflation is brewing, Timmer notes, and the historical M2 money supply/CPI relationship confirms this. While Bitcoin and gold are arguably the most inflation-resistant assets by theory, Timmer argues that this environment is not yet fully realized, even after the Fed's recent hawkish stance. While the M2 money supply surged during the recent epidemic, the Fed's tight monetary policy made it temporary, Mr. Timmer said, suggesting that gold and bitcoin may not yet be absolute stores of value.