1135.eth

Institutions will first add a *tiny* bit of #Bitcoin to select portfolios (as we are beginning to see). This is called toe-ing in to a trade. Then they will do enough research to learn that by adding a 1 to 5% allocation of #Bitcoin to traditional portfolios like the 60/40 over the last decade not only enhances absolute returns, but also raises the Sharpe Ratio (risk-adjusted returns) and only marginally increases drawdowns. It is at this point that they not only increase the first allocation to a full position, but they start adding #Bitcoin to other portfolios. First re-allocating capital from stocks and then from bonds and then both. And they will not be price sensitive like individual investors. They will just participate with the market volumes and buy. Then more institutions will wake up and come on board. Then many. Then most. Career risk will have transformed from owning #Bitcoin to not owning any. Slowly. Then suddenly.

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