FidelityConnects: Exploring digital assets – Bitcoin and beyond

As 2025 comes to a close, the digital asset space continues to evolve, and market participants are watching closely. Join Chris Kuiper, Vice President of Research at Fidelity Digital Assets, for a timely and insightful look at the current state of bitcoin and the broader digital asset landscape. From institutional adoption to regulatory developments and market trends, Chris breaks down what’s driving momentum, what’s changing and what it all may mean for you heading into 2026.

Transcript

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Thank you for joining us today on Fidelity Connects.

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I'm Colin Randall, Director of Research at Fidelity Investments

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Canada. It could be said that digital asset markets have been on a

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roller coaster in 2025.

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Bitcoin kicked off the year strong helped by significant spot ETF

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inflows and continued institutional money pushing

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the asset to a new all-time high of 175,000

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Canadian dollars in early October.

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Ethereum followed on a similar pattern reaching roughly

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$5,600 at its October peak.

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Since then, prices have reversed and Bitcoin has slid from its

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high to around $120,000 just recently.

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Of course, digital assets have not been just about volatility this

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year. A major development happened on the regulatory front, the

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Genius Act in the U.S. and the Stablecoin Act here in Canada,

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first of its kind in this country, among other countries around the

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world who are currently on a similar path.

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Joining us today to talk about these developments and more is Chris

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Kuiper, Vice President of Research at Fidelity Digital Assets.

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Just as a reminder, today's show has live French audio

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interpretation. Chris, thanks very much for joining us.

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Yeah, thank you for having me. Great to be here.

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Well, I think we have to start with the markets.

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We were just chatting before we came on.

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It seems that the market slide that we've been seeing over the

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last several week, at least currently, is on a significant upswing.

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Maybe we could start with the price of Bitcoin.

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What's been driving Bitcoin year to date and particularly

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in the last several weeks?

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We'll start at the bigger picture, some of the things you mentioned.

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Zooming out to the full year here, it certainly has not shaped up

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to be the year that most people were expecting.

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I'll even include myself in that category.

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That's because with Bitcoin and crypto in general you've had

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traditionally these four-year cycles, and we were in the third year

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of the cycle, the bull market year.

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This is typically when the biggest gains are made.

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It looked like things were shaping up to be like that.

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As you said, new all-time highs were made, largely driven by

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the exchange trade products, as you mentioned, and then the rise of

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these digital asset treasury companies or DATs as they're being

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called. These are companies that are buying digital assets and

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putting them on their balance sheet.

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That drove the market higher throughout the year.

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We hit those new all-time highs, things were looking good, and then

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we really just chopped and consolidated over the $100,000

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U.S. dollar mark for us here.

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We saw a consistent selling from a major cohort

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which were long term holders.

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Now, because this information is on the blockchain it's verifiable

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and observable. We could see people who had held coins

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for five, seven years or even more were constantly

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selling them into the bull market rally.

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Now, that's not a bad thing.

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We see this all the time with each cycle.

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You get a rotation of the investor base.

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People who held a long time, who had very early conviction,

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they finally wanted to sell a portion of their Bitcoin

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holdings. They wanted to realize some of those gains.

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People have to live, they've got dreams, they've got aspirations.

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We've seen this anecdotally. We saw from a very large trading firm

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that's publicly traded, they made a press announcement that they

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helped liquidate $8 to $9 billion of

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someone's Bitcoin holdings for estate planning purposes.

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Now, to me, I looked at that and I said, the fact that they

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liquidated that much and the price hasn't gone below $100,000

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at the time, this was this past summer or fall, that just shows how

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big this market has become.

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So that wasn't a bad thing. But then you saw those two

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major demand drivers dry up.

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The exchange-traded products have paused or slowed or even

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reversed here and we've seen the digital asset

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treasury companies pause or slow down their buying as

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well. That's why we've seen a lot of weakness in the price action.

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To get to your question, to end on the more recent action, you have

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to go back to October 10, 10/10 we saw a huge liquidation

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event. This was on the concerns of more

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tariffs, especially on China.

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You saw 10 to 20 billion dollars being liquidated.

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That was more than the fallout from FTX, if you remember that

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fiasco.

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The fact that we had that big of a liquidation and it didn't

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make near as big of a dent in the market again shows how far we've

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come, how big this market, how deep and liquid it is.

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But it's been a negative overhang ever since.

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Yesterday you had maybe some unwinding of the Japanese

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yen carry trade with Japanese yields really spiking

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here, some more macro uncertainties.

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You saw Bitcoin sell off, a lot of liquidations there.

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Then today we're ripping back higher

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as a lot of these liquidations got reset.

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A lot of stuff going on here.

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The other thing I'll point to, though, is the record run in precious

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metals we've seen, both gold and now a new all-time high in silver.

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Bitcoin, as you may know, has the same characteristics as

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gold and even improves upon some of them.

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They're driven by a lot of the same fundamental factors but they

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don't move together. They often take turns and trade off

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around every 90 days or so.

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That's something we'll be watching in the next few months and going

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into 2026.

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It's great context.

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Even with this selling pressure that we've seen over the last couple

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weeks the crypto market still has market capitalization

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well north of three trillion USD, north of

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four trillion in Canadian dollars, so even with this downward

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pressure we can see enormous market and certainly growth

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in digital assets.

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You mentioned DATs or digital asset Treasuries,

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we're seeing some headlines this morning about DATs.

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Just for the audience, what are DATs?

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Explain what are DATs and what has been driving their price

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movement.

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I think there's two buckets to distinguish here.

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There's companies that may purchase Bitcoin as

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just part of their cash management strategy.

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They want to diversify some of their cash out of maybe

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low yielding Treasuries or short-term debt and they

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want to preserve their purchasing power for the long term as a

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company, as a going concern.

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We've seen a few companies, even publicly traded ones, that put

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around 5% or so of their cash into Bitcoin.

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That's one bucket.

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What you saw dominate this last year, and certainly in the news

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today, is a different type of company where they're using

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their position as a corporation, and especially as

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a publicly traded company with access to the credit markets, to

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issue debt and use that debt to buy Bitcoin.

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Think of it more of as like a like an arbitrage.

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It's especially prevalent in other countries where they have

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different geographic restrictions or different tax laws

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where people either can't get spot exposure to Bitcoin

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or it's maybe not very tax advantageous to do so, so they're

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getting the exposure through these companies instead.

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Again, that's just what they are.

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The issue for investors, and the bottom line, I think, to really

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know and understand about these, they hold a certain amount

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of Bitcoin or other digital assets on their balance sheet but their

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shares, the value of their shares in market cap may trade above

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that. If you're trying to get exposure to these assets you might

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be paying, in effect, a premium to that underlying

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exposure. If you buy at a premium there's the chance

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that the premium can shrink and you can actually

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be behind. Again, depending on where you purchase

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these the stock can go down more than the price

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of Bitcoin, or vice versa, the stock can go up

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more than the price of Bitcoin or whatever digital asset they hold.

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That's the thing for investors to realize with these vehicles.

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You're getting exposure but you're getting it either in a leveraged

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way or you're buying them at a premium or a discount.

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Versus, say, investing in an ETF or a mutual fund which

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is striking a NAV every day and and avoiding that premium or

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discount. That's a great point.

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Could I ask about Ethereum?

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That's sort of the the big number two in the digital asset space.

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It tends to follow Bitcoin.

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Is it being driven by the same types of pressures that Bitcoin is?

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Overall, it does move.

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The correlation is still very high between Ethereum and Bitcoin.

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It does get lumped in with the crypto basket.

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Given that's usually around about a fifth of the size of Bitcoin in

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terms of market cap it tends to be more volatile.

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However, we are seeing Ethereum have its own cycles and it's

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being driven by its own fundamentals, whether that's upgrades coming

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down the pipe or activity on the blockchain,

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or we saw with this crop of digital asset treasury companies,

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this past year a couple of them went and bought

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loads of Ethereum rather than Bitcoin.

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That pushed the correlation apart from Bitcoin for Ethereum

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as well. Overall, long term still very correlated and even

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more so more volatile but starting

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to decouple and it might have its own cycles as well.

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That's great. Maybe staying on smart contracts blockchains

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and, of course, Ethereum is a different architecture than Bitcoin

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in that it offers smart contracts and sort of programmable

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money. Solana is something that your team

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has been following for quite some time and just recently published

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a report on the Solana ecosystem.

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Could you share, first of all, what is Solana, how is

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it distinct from Ethereum or Bitcoin, and what are you looking

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at in that crypto space?

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What do you find appealing and what should investors be thinking

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about as it relates to Solana?

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Great question. Number one, we do think you have to separate

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Bitcoin from everything else.

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Bitcoin, we believe, is best understood as a monetary good,

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so a potential store of value.

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You can think of it like a digital commodity, it has a

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hard supply cap. People are

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treating it as a money so that has its own

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investment thesis.

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Then there's everything else. That's not to say everything else is

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worse or better, you just have to have a different investment thesis

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and lens. These things are, as you said, they're smart contract

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platforms so they're more programmable.

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You can build stuff on top of them, build applications on top of

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them. They're trying to solve a different problem, and there's a

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different product market fit there but there's also a lot more

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competition. Whereas I, for example, don't see anything

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competing with Bitcoin in the near term there's way more competition

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between all these other things.

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You mentioned Ethereum and Solana.

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What is Ethereum? You could consider it a successor

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to Ethereum, so Solana is a successor to

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Ethereum, and therefore it's much more of a competitor

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because they're both smart contract platforms.

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What this means is they're like a distributed computer.

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You can build decentralized applications on top

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of them. Now, somewhat different than Ethereum, Solana

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prioritizes and focuses on speed

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and low costs, and along with that high bandwidth, low latency or

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fast response time. It's trying to be a lot faster and

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cheaper. Now, not surprisingly, the applications that are being

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built on Solana are things where you want speed and low

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latency. So trading, trading is the number one application on

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Solana today. This is why Solana's own stated

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goal, a very audacious goal, is to bring the entire

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financial system, the existing traditional financial system,

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onto its platform, onto its blockchain.

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Now, that comes with some trade-offs, right?

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You can't do something better than Ethereum without some engineering

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trade-offs. This is something we talk about a lot.

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Investors need to be aware of this.

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Number one, Solana's infrastructure is more expensive to run.

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You need beefier computers and components to run this

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network. That means fewer people are going to run

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these validators or these computers running the network.

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It's more expensive so it's less accessible.

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That means Solana compared to Ethereum is less decentralized.

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You have to decide if that is something that matters to you.

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Do you want control to be in the hands of fewer people or do you

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want control to be dispersed among more people around

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the world?

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This is why we see even though Solana has a lot of activity, it has a

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lot of transactions, most of the value

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is still on Ethereum. I think that's for a number

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of reasons. Number one, Ethereum was first, it's been around longer,

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people trust it more and it's more decentralized and people

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are valuing that for higher dollar amounts being locked up

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in that network. But we'll see.

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This is a big question for investors going forward.

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What does the market want?

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What is the value? Where's the market share gonna go between these

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two?

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You mentioned that if Solana's grand dreams

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or plans are to, effectively, form the

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basis of the financial system going forward, how would

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Ethereum approach that, I guess, area?

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Is it focusing on different types of projects?

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It's also wanting to do that.

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Still a large bulk of the decentralized finance

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applications are still on Ethereum.

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Number one, most of the stablecoins are still on Ethereum.

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Most of the value locked up on stablecoins is on Ethereum.

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Most of the DeFi stuff is on Ethereum, think of like

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lending and borrowing on the network, that's mostly on Ethereum.

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We see this with ... Ethereum has regular upgrades too.

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We have another one coming up in just a couple days here.

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It's gonna be live.

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We see Ethereum focusing on these things as well.

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Again, this gets down to the big questions.

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They need to choose where they want to compete with Solana and where

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they don't. For our investors the questions will be, is this gonna be

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a winner take all or winner take most scenario, or is there room in

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the market for two different networks serving

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different purposes, different consumers, different applications.

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That's great. I tend to think of these in terms of the blockchain

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trilemma where there's this balancing app between security,

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scalability and decentralization, just as you said, Chris.

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Where Ethereum can potentially offer greater

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security and decentralization that may come at the expense

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of scalability, whereas it seems, from what you're saying, Solana

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is really focusing on that scalability and might need to give up on

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the decentralization and security as a result.

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Is that a fair assessment?

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Yeah, that's a great way to think about it.

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I think investors need to be aware of that.

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There's no free lunch, these things come at a trade-off.

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The other trade-off that we've seen with Solana, and it's less so of

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an issue today, is we did see the network go down

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a number of times. That hasn't happened in a long time.

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Again, if you have fewer people running it it's more

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technically complicated to get these really, really fast things

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synchronized and done.

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There is some extra risk with Solana on the technical side of

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things as well.

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Great, great.

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Hello, investors. We'll be back to the show in just a moment.

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I wanted to share that here at Fidelity, we value your opinion.

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00:15:38,304 --> 00:15:40,606

Please take a few minutes to help us shape the future of Fidelity Connects

291

00:15:40,606 --> 00:15:45,711

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292

00:15:45,711 --> 00:15:47,680

and you could win one of our branded tumblers.

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00:15:50,749 --> 00:15:54,353

And don't forget to listen to Fidelity Connects, the Upside, and French

295

00:15:54,353 --> 00:15:58,390

DialoguesFidelity podcasts available on Apple, Spotify, YouTube, or wherever

296

00:15:58,390 --> 00:16:02,594

else you get your podcasts. Now back to today's show.

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Okay, shifting gears now, want to talk about

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stablecoins.

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2025 has been an interesting year of announcements related

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to stablecoins from governments in the U.S.

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Just recently here in Canada, the recent federal budget,

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the Canadian government unveiled a new framework that

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would regulate stablecoins.

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This, of course, follows the passing of the Genius Act in the U.S.

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back in July. Maybe we can start with the basics, what

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is a stablecoin and what is it used for?

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The simple definition of a stablecoin is it's a cryptocurrency, so

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it's like all these other tokens that sit on a blockchain.

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It runs on these crypto rails and networks.

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But it's, well, stable.

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Its design is to not fluctuate in

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value against a currency like the U.S.

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dollar or the Canadian dollar so it's pegged to

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another currency or sometimes a commodity, there's

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gold and stuff like that, and therefore it's backed by

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this other currency.

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It has a reserve behind it.

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Now, that's different than Bitcoin.

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There's nothing that you

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can redeem for Bitcoin.

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00:17:13,699 --> 00:17:16,168

You can't bring your Bitcoin in and redeem it for something else,

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00:17:16,168 --> 00:17:19,371

it's just Bitcoin. It's like a commodity like something is just

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gold. Or even today, it's just a dollar.

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The idea of the stablecoin is that it's pegged, it doesn't

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fluctuate.

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What is it used for, three main things, really.

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Stablecoins have been on an absolute run

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in terms of their creation.

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00:17:36,355 --> 00:17:38,991

We've gotten hundreds of billions of dollars' worth of stablecoins

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nowadays because they found this perfect product market fit.

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The three main uses we see it being used for is number one, trading

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payers and DeFi.

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If you're on an exchange, you want to trade out of your position

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in Bitcoin or Ethereum, you want to go to something stable

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and get volatility off your books, you

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can go to the U.S. dollar but then your exchange is going to be set

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00:18:01,947 --> 00:18:04,817

up to accept and take U.S.

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dollars or Canadian dollars with the whole banking system, whereas

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00:18:07,920 --> 00:18:11,523

it's a lot easier to just trade into a stablecoin.

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These are the most highest traded payers out there.

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All of DeFi uses stablecoins so if you're borrowing or lending

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00:18:18,964 --> 00:18:21,867

on-chain that all uses stablecoins.

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The other two is just moving money.

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Moving money across borders is a big one, remittances, much,

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much, much, much cheaper to move stablecoins anywhere in the

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world rather than use a wire, ACH, a company

347

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like Western Union, something like that.

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00:18:36,348 --> 00:18:39,451

Those have average fees around the world of 7%.

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And then just payments. You can use stablecoins to pay for things

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because it is a stable currency just like using the Canadian

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dollar or the U.S. dollar.

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00:18:47,893 --> 00:18:51,497

Right. There are centralized stablecoins which are what

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00:18:51,497 --> 00:18:54,800

are being announced by the governments, there are also decentralized

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stablecoins. Picking up on that conversation we were having about

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Solana what's the difference between the two?

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What I think you're getting at is whether or not there's a central

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issuer behind the coin.

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And most stablecoins today, and by far

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the most popular ones today, are all centralized,

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if you will, meaning they are issued by a company

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or an organization.

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This company will take in dollars, people will send or wire in

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something like U.S. dollars, and then they will mint or

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create the stablecoin on the blockchain.

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00:19:31,303 --> 00:19:34,973

Then they're responsible for holding that asset or investing those

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dollars to back the stablecoin.

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They can also do the reverse.

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You can send your stablecoins in and say, I'd like to redeem this and

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then they'll give you back the dollars and burn it.

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Now, that's done at a very high level with big players and

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institutions but that's the point of a centralized

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issuer.

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Not as popular yet are these decentralized solutions where they do

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everything on the blockchain. There's no central company, party,

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issuer, it's all done with software on the blockchain with

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these smart contracts where you send in some kind of collateral

377

00:20:06,905 --> 00:20:10,742

like Bitcoin or Ethereum and they'll issue you a stablecoin.

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00:20:10,742 --> 00:20:14,012

Now, because of this they're often over collateralized so you have to

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send in more of something like a Bitcoin because you can't send

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in dollars usually.

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They're not as popular, mostly what we're talking about is

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centralized issuers. Now, that's different than what you noted about

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the governments, though. Whether or not the government is involved is

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a separate issue or question.

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00:20:34,433 --> 00:20:36,902

That's great. It's a very interesting space that we'll want to keep

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an eye on but certainly nice to see, good to

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see, governments playing a more active role in the

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regulation of digital assets and further,

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I think, further adopting these as legitimate financial

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00:20:51,316 --> 00:20:54,820

assets. Maybe we could shift gears and talk

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about quantum computing.

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That's been another theme in crypto circles

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that folks are paying more attention to.

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I think there have been some interesting developments in terms of

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quantum computers in recent months.

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00:21:09,301 --> 00:21:12,838

What are your thoughts there, does this pose a risk to digital

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assets?

398

00:21:15,240 --> 00:21:18,243

It's one of the number one questions we've been getting as these

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00:21:18,243 --> 00:21:21,613

developments and seeming advances are being made with quantum

400

00:21:21,613 --> 00:21:23,782

computers. Does it pose a risk?

401

00:21:23,782 --> 00:21:25,284

I would say yes.

402

00:21:25,284 --> 00:21:28,720

I don't think there's a lot of debate over the fact

403

00:21:28,720 --> 00:21:32,391

that if a quantum computer were developed, or developed to

404

00:21:32,391 --> 00:21:35,927

enough of a level of power,

405

00:21:35,927 --> 00:21:39,431

it would be able to crack some of the encryption that

406

00:21:39,431 --> 00:21:41,366

is used in Bitcoin.

407

00:21:41,366 --> 00:21:44,803

Now, to be clear, though, if a quantum computer gets to

408

00:21:44,803 --> 00:21:48,173

this level it's going to be able to crack encryption on all kinds of

409

00:21:48,173 --> 00:21:52,010

things, banks, governments, three-letter intelligence agencies,

410

00:21:52,010 --> 00:21:56,014

you name it. This is why this issue of quantum computing

411

00:21:56,014 --> 00:21:58,950

has been worked on for decades.

412

00:21:58,950 --> 00:22:02,087

Computer scientists and government agencies all over the world

413

00:22:02,087 --> 00:22:06,558

recognize this as a potential scenario and threat

414

00:22:06,558 --> 00:22:08,794

so they've been working on it for decades.

415

00:22:08,794 --> 00:22:12,331

The question is when it will happen, and there's

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00:22:12,331 --> 00:22:15,434

a lot of debate. We talk to people in the industry all the time on

417

00:22:15,434 --> 00:22:18,970

this and we've gotten anywhere from this could happen in a

418

00:22:18,970 --> 00:22:23,642

year or two to this is at least 20 to 30 years out yet.

419

00:22:23,642 --> 00:22:26,745

There is not consensus as to where this is.

420

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But as you know, technology can move, it doesn't move in a linear

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line so we may wake up tomorrow and someone announces that

422

00:22:33,785 --> 00:22:37,322

they've done it, they finally created a quantum

423

00:22:37,322 --> 00:22:39,891

computer capable of cracking encryption.

424

00:22:39,891 --> 00:22:42,194

It's not just a problem for Bitcoin.

425

00:22:42,194 --> 00:22:45,464

The other thing to note is that we have a solution.

426

00:22:45,464 --> 00:22:49,000

It's not like if this happens we don't

427

00:22:49,000 --> 00:22:52,204

have anything at all. There's actually quite a number of solutions

428

00:22:52,204 --> 00:22:55,640

available. I've been to technical conferences where

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people have presented these and the people who work on the Bitcoin

430

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software are debating this.

431

00:23:01,012 --> 00:23:04,583

It's a matter of which one do we want to use and adopt

432

00:23:04,583 --> 00:23:06,351

because, again, they come with trade-offs.

433

00:23:06,351 --> 00:23:10,288

They come with different trade-offs in terms of how much resources

434

00:23:10,288 --> 00:23:14,025

they'll take up and size and availability and all of that.

435

00:23:14,025 --> 00:23:14,993

We have solutions.

436

00:23:14,993 --> 00:23:18,663

I think the bigger risk is because Bitcoin is

437

00:23:18,663 --> 00:23:22,100

completely decentralized, it's not controlled by any one

438

00:23:22,100 --> 00:23:25,804

person, corporation or government, you have to get consensus

439

00:23:25,804 --> 00:23:30,108

of the entire community. It's governance by consensus.

440

00:23:30,108 --> 00:23:33,545

The bigger risk is if something happened with

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00:23:33,545 --> 00:23:36,982

quantum overnight that would not give the Bitcoin community

442

00:23:36,982 --> 00:23:38,750

a lot of time to respond.

443

00:23:38,750 --> 00:23:41,720

It takes time to build these consensus changes.

444

00:23:41,720 --> 00:23:45,323

If the code needs to be updated or changed

445

00:23:45,323 --> 00:23:47,325

we ideally want more time to do that.

446

00:23:47,325 --> 00:23:50,529

It's something that's being worked on, it is a threat.

447

00:23:50,529 --> 00:23:53,632

I don't think it's as big of a threat as people think it is.

448

00:23:53,632 --> 00:23:57,068

The other note on that is that even if someone

449

00:23:57,068 --> 00:24:01,139

does crack it the whole network doesn't just stop working.

450

00:24:01,139 --> 00:24:04,609

The most likely thing that will happen is that there's some very old

451

00:24:04,609 --> 00:24:08,280

Bitcoin in old address types

452

00:24:08,280 --> 00:24:11,316

that could be cracked first.

453

00:24:11,316 --> 00:24:14,986

The worst thing that could happen is these coins are then

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00:24:14,986 --> 00:24:19,491

stolen or gotten control of by someone with a quantum computer.

455

00:24:19,491 --> 00:24:22,994

You could think of that almost like a bounty for someone who

456

00:24:22,994 --> 00:24:24,996

cracks this first.

457

00:24:24,996 --> 00:24:29,067

They'll get access to quite a few billions of dollars of Bitcoin.

458

00:24:29,067 --> 00:24:31,803

The key is, whether you think that's good or bad, the key is that

459

00:24:31,803 --> 00:24:33,405

doesn't break the network.

460

00:24:33,405 --> 00:24:37,642

The network still works, the supply cap is still in place,

461

00:24:37,642 --> 00:24:39,244

all the other rules stay the same.

462

00:24:39,244 --> 00:24:43,081

So something we're certainly watching and it's got a lot of

463

00:24:43,081 --> 00:24:45,250

interesting angles here to look at.

464

00:24:45,250 --> 00:24:47,886

It sounds like the developer community has been thinking about this

465

00:24:47,886 --> 00:24:51,590

for some time. I think it's been over 10 years that

466

00:24:51,590 --> 00:24:55,093

I've seen quantum computing being discussed among engineers

467

00:24:55,093 --> 00:24:56,895

in the crypto space so this isn't new.

468

00:24:56,895 --> 00:25:00,465

To your point I guess it's just more of a question mark of when

469

00:25:00,465 --> 00:25:05,470

Q Day ultimately occurs.

470

00:25:05,470 --> 00:25:09,207

For investors, the thing to be careful of is with

471

00:25:09,207 --> 00:25:12,744

any risk or big change that is legitimate, like quantum,

472

00:25:12,744 --> 00:25:16,181

there's, unfortunately, going to be people who take advantage of

473

00:25:16,181 --> 00:25:19,851

this and start to cam and defraud people, saying

474

00:25:19,851 --> 00:25:23,288

you need to move your coins to this address so it's quantum

475

00:25:23,288 --> 00:25:26,992

resistant, or you need to upgrade this and click on this link.

476

00:25:26,992 --> 00:25:31,930

If any of you deal with your coins personally

477

00:25:31,930 --> 00:25:33,732

just be very careful out there, is what I'll say.

478

00:25:33,732 --> 00:25:35,233

That's a great, great point.

479

00:25:35,233 --> 00:25:38,203

Actually, that ties into a question that we've just received from the

480

00:25:38,203 --> 00:25:42,207

audience asking about Fidelity's approach to

481

00:25:42,207 --> 00:25:46,344

custodying Bitcoin for the funds, for example.

482

00:25:46,344 --> 00:25:50,315

Could you shed some light on that?

483

00:25:50,315 --> 00:25:54,019

One of the interesting things about our history is

484

00:25:54,019 --> 00:25:57,856

Fidelity back in 2012, or even earlier, discovered

485

00:25:57,856 --> 00:25:59,758

Bitcoin. They started playing around with it.

486

00:25:59,758 --> 00:26:02,727

There's this group at Fidelity called the Fidelity Centre for Applied

487

00:26:02,727 --> 00:26:06,398

Technology where they are constantly

488

00:26:06,398 --> 00:26:09,935

looking on the horizon for new things either to augment

489

00:26:09,935 --> 00:26:12,804

their business or that could potentially upend our business.

490

00:26:12,804 --> 00:26:15,540

They found Bitcoin, and what's fun about this group is they don't

491

00:26:15,540 --> 00:26:18,476

just read about it and write about it, they get their hands dirty.

492

00:26:18,476 --> 00:26:22,013

They started mining it first and then they realized, well, if we want

493

00:26:22,013 --> 00:26:25,216

to hold it how do we do that, how do we custody this?

494

00:26:25,216 --> 00:26:29,220

There was no institutional enterprise grade custody

495

00:26:29,220 --> 00:26:31,456

solution out there so we built our own.

496

00:26:31,456 --> 00:26:32,791

That is what we still have today.

497

00:26:32,791 --> 00:26:36,261

We have our own custody solution built from scratch so

498

00:26:36,261 --> 00:26:38,964

it's all in-house.

499

00:26:38,964 --> 00:26:42,400

It is a typical cold storage type

500

00:26:42,400 --> 00:26:46,004

of arrangement where almost all of the coins, except for

501

00:26:46,004 --> 00:26:49,674

a tiny fraction or per cent or two,

502

00:26:49,674 --> 00:26:52,978

only a little bit is kept online for trading purposes for people who

503

00:26:52,978 --> 00:26:56,815

need liquidity, everything else is kept in cold storage, offline,

504

00:26:56,815 --> 00:27:01,286

in these secure modules.

505

00:27:01,286 --> 00:27:04,089

Other than that there's not a whole lot to say other than we can

506

00:27:04,089 --> 00:27:08,326

leverage our decades of cybersecurity expertise,

507

00:27:08,326 --> 00:27:12,397

our thousands of people, cybersecurity experts.

508

00:27:12,397 --> 00:27:15,934

That's one of the advantages we have at Fidelity, we

509

00:27:15,934 --> 00:27:19,371

have experience in risk management which is what a

510

00:27:19,371 --> 00:27:22,807

lot of these crypto-native companies don't have some of the time,

511

00:27:22,807 --> 00:27:24,409

and something to be aware of.

512

00:27:24,409 --> 00:27:28,480

Absolutely, and much rather have an army focused on the security

513

00:27:28,480 --> 00:27:32,017

of someone's digital assets, my digital assets, than having to worry

514

00:27:32,017 --> 00:27:35,687

about my own seed phrases and hardware and so

515

00:27:35,687 --> 00:27:39,057

on. Absolutely, see the advantage there.

516

00:27:39,057 --> 00:27:42,661

We're just coming up to time, Chris. Maybe we could just

517

00:27:42,661 --> 00:27:46,097

wrap by asking you what are the key themes, what are

518

00:27:46,097 --> 00:27:49,300

the key areas of the digital assets markets that you're watching

519

00:27:49,300 --> 00:27:52,804

right now that you think our advisor and investor audience should

520

00:27:52,804 --> 00:27:55,840

be watching too?

521

00:27:55,840 --> 00:27:59,310

Great question. We will have our 2026

522

00:27:59,310 --> 00:28:02,814

look-ahead, our annual look-ahead, out early next year, as

523

00:28:02,814 --> 00:28:06,651

we usually do. The entire research team, all six of us,

524

00:28:06,651 --> 00:28:10,255

we all write a piece on what we see coming, what we saw

525

00:28:10,255 --> 00:28:13,058

over the last year, how we think that's gonna play out.

526

00:28:13,058 --> 00:28:16,494

I don't want to give too much away but I think for your

527

00:28:16,494 --> 00:28:20,165

investor audience I think the thing to watch is

528

00:28:20,165 --> 00:28:23,935

how this asset class will continue to grow and mature.

529

00:28:23,935 --> 00:28:26,671

We are now on the world stage.

530

00:28:26,671 --> 00:28:30,241

We have governments, as you mentioned in this webcast,

531

00:28:30,241 --> 00:28:33,778

creating legislation. We've got countries adopting

532

00:28:33,778 --> 00:28:37,215

it. We just had last week the Czech

533

00:28:37,215 --> 00:28:40,752

National Bank, the central bank, put some Bitcoin

534

00:28:40,752 --> 00:28:43,688

in a test account to start understanding it.

535

00:28:43,688 --> 00:28:47,225

This is the first central bank, national bank, that has done so.

536

00:28:47,225 --> 00:28:50,729

Every year we get more and more signposts

537

00:28:50,729 --> 00:28:54,165

or milestones here of how this is being adopted, how this

538

00:28:54,165 --> 00:28:55,700

is not going away.

539

00:28:55,700 --> 00:29:00,271

I firmly believe this will continue to reshape our entire industry.

540

00:29:00,271 --> 00:29:04,109

Continue to watch for those things and just keep learning, keep

541

00:29:04,109 --> 00:29:07,946

learning about it. Everyone starts somewhere.

542

00:29:07,946 --> 00:29:11,683

Start asking yourself what don't I know yet, what

543

00:29:11,683 --> 00:29:15,520

do I still want to know, what are some of my reservations?

544

00:29:15,520 --> 00:29:17,288

That's what we're here for as well.

545

00:29:17,288 --> 00:29:21,426

You can find all of our research at fidelitydigitalassets.com.

546

00:29:21,426 --> 00:29:23,528

That's great. Chris, thanks as always.

547

00:29:23,528 --> 00:29:27,031

Really, really appreciate you taking the time to speak

548

00:29:27,031 --> 00:29:31,102

with us today. Always appreciate your insights on this constantly

549

00:29:31,102 --> 00:29:34,172

evolving area of the markets.

550

00:29:34,172 --> 00:29:35,306

My pleasure, thank you.

551

00:29:35,306 --> 00:29:39,244

Thanks for watching or listening to the Fidelity Connects

552

00:29:39,244 --> 00:29:43,381

podcast. Now if you haven't done so already, please subscribe to Fidelity

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Connects on your podcast platform of choice.

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And if you like what you're hearing, please leave a review or a five-star

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rating. Fidelity Mutual Funds and ETFs are available by working with

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a financial advisor or through an online brokerage account.

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Visit fidelity.ca/howtobuy for more information.

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While on Fidelity.ca, you can also find more information on future live

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webcasts. And don't forget to follow Fidelity Canada on YouTube, LinkedIn,

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and Instagram.

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We'll end today's show with a short disclaimer.

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00:30:12,911 --> 00:30:16,748

The views and opinions expressed on this podcast are those of the participants,

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00:30:16,748 --> 00:30:20,685

and do not necessarily reflect those of Fidelity Investments Canada ULC or

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its affiliates. This podcast is for informational purposes only, and should not

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be construed as investment, tax, or legal advice.

566

00:30:27,225 --> 00:30:29,527

It is not an offer to sell or buy.

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Or an endorsement, recommendation, or sponsorship of any entity or securities

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cited. Read a fund's prospectus before investing, funds are not guaranteed.

569

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Their values change frequently, and past performance may not be repeated.

570

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Fees, expenses, and commissions are all associated with fund investments.

571

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Thanks again. We'll see you next time.

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FidelityConnects: Exploring digital assets – Bitcoin and beyond

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