Chris Kuiper, Vice President of Research at Fidelity Digital Assets, spoke today at Strategy World 2025, challenged businesses to rethink their thinking about risk, capital allocation and long-term financial health. “Bitcoin has outperformed any major asset classes over the past decade,” Kuiper said. “If you’re a company sitting on cash or low-yield bonds, you’re behind.”
Just In: Fidelity’s Chris Kuiper presents “#bitcoin investment case” to companies interested in adopting BTC
“Bitcoin has better volatility than bad volatility,” and there’s an “opportunity” here
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With over a decade of data, Kuiper argued that Bitcoin is not just a speculative asset, but a great strategic reserve. Numbers were frontline and center. Bitcoin has provided a combined annual growth rate (CAGR) of 79% over the past decade and 65% over the past five years. In contrast, Kuiper showed that the aptitude bonds reverted from just 1.3% to just 1.3% over the same period.
“Companies often focus on volatility, but volatility is not a risk. Permanent capital losses are,” explained Kuiper. He cites inflation and currency decline as the real threat facing today’s balance sheets, indicating that even traditional safe havens like the US Treasury have suffered negative real benefits over time.
To address concerns about Bitcoin volatility, Kuiper offered two practical strategies: Position sizing and long-term thinking. “Bitcoin doesn’t have to be everything,” he said. “It’s not a switch, it’s a dial,” he argued, that even an allocation of 1-5% can significantly improve the company’s risk-adjusted return, while limiting drawdown exposures.
The presentation then turned to a corporate foundation. Kuiper highlighted the importance of investment capital (ROIC) returns over headline revenues, calling for the inefficiency of sitting in cash. As an example, he said he noticed that Microsoft’s ROIC fell from 49% to 29% when extra cash was included, creating Drug Idol Capital.
“Companies focus on lasers in their profit and loss statements, but the balance sheet tells the story in action,” Kuiper said. “Cash is part of that story. Bitcoin can turn it from dead weight to productive assets.”
He closed by asking the executives directly: “What are your opportunities? And do you think those opportunities are better than Bitcoin?”
In Kuiper’s view, the answer is becoming more and more obvious.
This post, Chris Kuiper from Fidelity, introduced the “Bitcoin investment case” at the Corporate Conference, first featured in Bitcoin Magazine and written by Jenna Montgomery.
