You point out the key factor now: channels are opening for institutional flows to force their way into crypto currency now. Most ‘casuals’ have no sense for the

You point out the key factor now: channels are opening for institutional flows to force their way into crypto currency now. Most ‘casuals’ have no sense for the scale of buying that investor flows create. They are hugely impactful on markets as sophisticated and deep as commodities. In comparison, crypto currencies are a flyspeck. I’m not saying it’s not a bubble because institutional money wants to buy it. But I am saying that having any view on how expensive bitcoin can become based on what it’s done during the time it was mostly enthusiast and ‘the fringe’ were the main buyers is naive. My view is that the largest impediment to institutional money is the horrific custodianship issues of bitcoin. State Actors and Super-Criminals are attacking this constantly to steal your money. That risk is minuscule in regular financial markets (because banking system has lots of protections against it).