Bitcoin In 2026: Stronger Than Ever Or Losing Relevance? w/ Christopher Kuiper

Summary

Christopher Kuiper, VP of Research at Fidelity Digital Assets, revisits the firm's 'Getting Off Zero' thesis on Bitcoin adoption and portfolio allocation. He explains why Bitcoin's on-chain metrics and sentiment signals are flashing deep value, while institutional infrastructure build-out continues. He also discusses structural headwinds for the traditional 60/40 portfolio and the mixed signals in Ethereum and Solana network usage versus price.

• Bitcoin valuation metrics and sentiment are at historically depressed levels that preceded strong forward returns.
• Bitcoin's correlation breakdown reinforces its role as a portfolio diversifier during a period when traditional assets face headwinds.
• Institutional investors still struggle to allocate to Bitcoin, but the quality of objections has moved from dismissive to practical, indicating growing seriousness.
• The equity side of the 60/40 portfolio faces a historically high CAPE ratio, historically associated with low subsequent 10-year returns.
• Long-term bonds have suffered a significant real drawdown due to persistent inflation, weakening their ballast function.
• Ethereum and Solana network usage continues to grow, but token prices have declined as embedded growth expectations reset.
• The speaker maintains a long-term bullish view on Bitcoin, expecting new all-time highs driven by adoption and fundamentals.