Yes. I questioned them relentlessly on this. I didn’t want to believe that “we aren’t early” but I think what the models are actually pointing to instead is that Bitcoin has largely become de-risked.
Discussion
okay i would say yes to the de-risk factor
but adoption is less then 10%
most of institutions only advice to put 1-5% into bitcoin
USA is not the whole world
and internet is also only at 70%
Would put “early majority” institutional adoption year one at 2024 ETF launch and imagine a decade long scaling into almost every financial product.