At Strategy World 2025, Chris Kuiper, Vice President of Research at Fidelity Digital Assets, presented data-driven arguments that Bitcoin is a superior strategic reserve over cash and bonds. He cited Bitcoin's 79% compound annual growth rate (CAGR) over the past decade versus 1.3% for investment-grade bonds. Kuiper argued that volatility is not risk—permanent capital loss is—and that corporations can significantly improve risk-adjusted returns with just a 1-5% allocation. He used Microsoft as an example to show how idle cash drags down return on invested capital (ROIC) from 49% to 29%, and positioned Bitcoin as a productive asset for balance sheets.