The Milk Road Show
Fidelity Digital Assets VP on Macro Environment & the Long-Term Effects of Tariffs
Apr 4, 2025
Chris Kuiper, Director of Research at Fidelity Digital Assets, dives into the macro trends affecting cryptocurrencies. He elaborates on the implications of U.S. tariffs and stagflation, positioning Bitcoin as a potential 'digital gold' during economic uncertainties. Kuiper discusses how trade wars can impact corporate investments and the resilience of digital assets. He also explores Bitcoin’s unique characteristics in price discovery and contrasts retail fears with institutional optimism, all while emphasizing the importance of stablecoins amid shifting financial landscapes.
43:34
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Quick takeaways
- The unexpected implementation of high tariffs could significantly destabilize the markets, contributing to increased volatility and potential stagflation.
- Recent trends indicate Bitcoin's potential shift from a high-risk asset correlating with tech stocks to a more reliable store of value.
Deep dives
Market Response to Tariffs and Uncertainty
The recent market response reflects a significant reaction to unexpected tariffs announced by the current administration, which were not anticipated to the extent they occurred. Historically, markets typically do not respond strongly to expected news, indicating that the scale of these tariffs has caught investors off guard. If implemented at the proposed levels, the tariffs could mark the highest rates seen in the U.S. in nearly a century, contributing to ongoing market instability. This uncertainty has led to increased volatility and a sell-off in equity markets, highlighting the precariousness of the current economic environment.
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