Institutions might own more than 50% of Bitcoin supply by 2035. Most reactions to this are about price or decentralization. But beyond that, I see regulated infrastructure as the only path forward for Bitcoin. Products built around retail Bitcoin participation (both onchain and off-chain) will have a smaller and smaller customer base. Hard truth, but that's where the math points. Majority of the capital in Bitcoin will be institutional, and they need an infrastructure layer built around Bitcoin to move at scale. Custody, credit markets, insurance, financial products that boards and compliance teams can sign off on. Gold didn't become a reserve asset because people just bought it. The financial infrastructure was built around Gold first, which attracted institutional capital. Bitcoin is at that stage now.