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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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.
Match Time Horizon To Macro Signals
- Match your analysis timeframe to your investment horizon when interpreting macro signals like rate cuts or liquidity.
- Focus on the second‑order effects of policy actions on money supply and inflation expectations, not the rate move itself.
Institutional Adoption Still Early
- Institutional adoption is still early: many investors are only "dipping their toe in" and must educate themselves.
- Adoption accelerates as generational change reduces career risk and institutional incentives align to include crypto.