Inside Fidelity's 'Get Off Zero' Bitcoin Report | Chris Kuiper
June 4, 2026
On this episode of The Last Trade from Onramp, Chris Kuiper, VP of Research at Fidelity Digital Assets, argues that bitcoin sentiment is the worst he has seen in his decade-plus in the space even though nothing fundamental has broken. He walks through Fidelity's updated "Getting Off Zero" report, where mean variance optimization produces a 90% stocks, 0% bonds, 10% bitcoin portfolio that maximizes the Sharpe ratio under a conservative 25% bitcoin CAGR assumption.
The Last Trade: Chris Kuiper, VP of Research at Fidelity Digital Assets, returns to make the case that this is the worst sentiment he has seen in his decade-plus following Bitcoin even though nothing fundamental has actually broken, why Bitcoin is finally decoupling from the AI-led "everything-but-Bitcoin" rally, how Fidelity's updated "Getting Off Zero" report uses mean variance optimization to show a 90/0/10 stocks-bonds-Bitcoin allocation maximizing the Sharpe ratio at a conservative 25% Bitcoin CAGR assumption, why bondholders have spent decades underwater on a real-return basis, and why the Czech National Bank's small but symbolic Bitcoin position may be the start of central bank adoption.
About This Episode
Chris Kuiper, VP of Research at Fidelity Digital Assets, joins Jackson, Brian, and Michael to walk through Fidelity's updated "Getting Off Zero" report and reframe the current Bitcoin drawdown for sophisticated allocators. Chris argues the sentiment is the worst he has seen in his decade-plus in the space, but nothing fundamental has broken; Bitcoin is simply finally decoupling from the AI-momentum rally, which is the diversification benefit allocators actually want. The episode covers Bitcoin spending ~96% of its history below all-time highs (so being underwater is the default state, not a signal), the four-year cycle's diminishing predictive power as derivatives smooth volatility, and the mean variance optimization that pops out a 90% stocks / 0% bonds / 10% Bitcoin portfolio at conservative assumptions (25% CAGR, 50% vol). On the macro side, Chris reiterates his 2026 look-ahead view that inflation comes back in waves, points to bond yields rising globally as the bond market sniffs out higher-for-longer, and revisits the 30-50% real drawdowns bondholders endured from the 1940s through the 1980s. Plus the Czech National Bank's symbolic but precedent-setting Bitcoin allocation, why advisor excuses for zero-allocation have shifted from "it's a Ponzi" to "I don't know how to operationally hold it," and why a zero allocation is now itself an active position requiring justification.
Chapters
00:00 - Market Sentiment and Current Trends 03:05 - Understanding Bitcoin's Price Action 06:03 - The Role of Education in Investing 09:08 - Long-Term Trends and Market Cycles 11:46 - Evaluating Bitcoin's Role in Portfolios 15:05 - Institutional Perspectives on Bitcoin 18:01 - The Future of Bitcoin in Investment Strategies 34:23 - Understanding Money and Bitcoin's Value 36:11 - The Role of Financial Advisors in Bitcoin Investment 37:29 - Mean Variance Optimization and Bitcoin's Portfolio Role 42:10 - Shifts in Institutional Sentiment Towards Bitcoin 48:28 - Navigating Inflation and Market Uncertainty 58:46 - The Future of Stablecoins and Central Bank Adoption
Frequently Asked Questions
What bitcoin allocation does Fidelity's updated "Getting Off Zero" report recommend?
The report's mean variance optimization produces a 90% stocks, 0% bonds, 10% bitcoin portfolio that maximizes the Sharpe ratio. It reaches this output under conservative assumptions of a 25% bitcoin CAGR and 50% volatility, with nothing allocated to bonds.
How much of bitcoin's history has been spent below its all-time high?
Chris Kuiper notes that bitcoin has spent roughly 96% of its history below its all-time high. Being underwater relative to the prior peak is the default state for the asset rather than a warning signal.
Is bitcoin decoupling from the AI and tech rally?
Kuiper argues bitcoin is finally separating from the AI-led "everything-but-bitcoin" rally that dominated risk markets. He frames this lower correlation as the diversification benefit allocators have actually been seeking.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.