Is It Too Late to Join Crypto? Fidelity Weighs In

The Fidelity Digital Assets Research team has concluded that it is actually not too late to get into crypto in 2025 while revising its report that was published earlier this year. 

“Infrastructure is solidifying, experimentation is scaling, and new use cases are gaining traction,” Chris Kuiper, VP of Research at Fidelity’s crypto arm, said in a recent statement. 

Kuiper has admitted that his stagflation outlook has been “misplaced,” but he continues to believe that the macro drivers of global liquidity remain in place. 

These macro drivers could potentially push the Bitcoin price in the second part of the year. 

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Kuiper has noted that still stubbornly staying above the Fed’s 2% target. Fed Chairman Jerome Powell is extremely reluctant to cut interest rates despite growing pressure. Moreover, as noted by global liquidity (such as M2 money supply) continues to climb. 

The Fidelity analyst says that it remains to be seen whether gold, which has so far outperformed Bitcoin, will hand the baton to Bitcoin like during previous bull cycles. 

Companies with large BTC exposure begin mining for strategic reasons, which was expected by Fidelity. 

The Bitcoin ecosystem is also being actively expanded with new utility infrastructure. 

The state of Ethereum

Fidelity’s Max Wadington has opined that Ethereum and Solana’s end states may converge more than expected. 

There has been more focus on improving Ethereum’s layer-1 during the first half of 2025.  

ETH holders are yet to experience the benefits of growing layer-2 adoption.