Fidelity's 2026 Cryptocurrency Market Outlook suggests that more countries might adopt Bitcoin as part of their foreign exchange reserves, driven by game theory principles. Chris Kuiper, Vice President of Fidelity Digital Assets Research, highlighted that as countries begin to include Bitcoin in their reserves, others may feel competitive pressure to follow suit, potentially driving up Bitcoin's price due to increased demand. However, the impact depends on the scale of this demand and whether current holders choose to sell or retain their assets. Kuiper also noted that while the four-year cycle of market emotions like fear and greed persists, the current price trends could indicate either a new bear market or a correction within a bull market. Despite uncertainties, the crypto market is entering a new phase with increasing participation from traditional fund managers and investors, suggesting significant potential for capital inflow into digital assets by 2026.