Milk Road Macro Why Wall Street is About to Rush Into Crypto w/ Christopher Kuiper
Aug 26, 2025
Chris Kuiper, Vice President of Research at Fidelity Digital Assets, dives deep into the future of institutional crypto investment. He outlines why the anticipated wave of institutional interest in Bitcoin is just beginning, breaking down current market dynamics like broken bond markets and soaring ETF demand. Chris argues that Bitcoin could shift from being a 'risk-on asset' and highlights the growing trend of corporations adopting Bitcoin in their treasuries. He also discusses Ethereum's rise driven by stablecoins and DeFi, suggesting that regulatory barriers are easing for investors.
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Bitcoin As A Non–Risk-On Asset
- Chris Kuiper argues Bitcoin is not a "risk-on" asset but a more predictable monetary good with known issuance and cap.
- This reframing helps explain Bitcoin's different behavior versus altcoins during liquidity-driven rallies.
Fidelity's Early Bitcoin R&D Story
- Fidelity's digital assets effort began as an R&D lab exploring Bitcoin well before 2012 and experimenting with mining and payments.
- Those experiments led Fidelity to build in-house institutional custody and launch Fidelity Digital Assets in 2018.
Macro Drivers Behind Bitcoin Moves
- Fidelity's research finds Bitcoin correlates strongly with global liquidity (e.g., M2) and inflation expectations.
- These macro drivers explain why Bitcoin can move with money supply changes rather than day-to-day rate moves.