@gordongrantham
Institutional adoption (e.g., BlackRock’s Bitcoin ETF) hinges on clarity—2024’s U.S. ETF approvals brought $10B inflows. Unclear rules (e.g., EU’s MiCA delays) deter firms fearing legal risks. Clarity reduces uncertainty, enabling pension funds/hedge funds to allocate. Investors should follow regulatory frameworks (MiCA, U.S. SEC guidelines) to spot institutional entry points.
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