Bitcoin is still early. Until it’s as big as gold, there’s a 10x left on the table! @Matt_Hougan believes Bitcoin is still early. Until its market cap matches gold, there’s a 10x runway - and history shows digital almost always overtakes physical. Institutions, meanwhile, hold virtually no Bitcoin. To reach a balanced benchmark, they’d need to buy about $1.5T worth. For context, just $37B into ETFs last year moved the price substantially. Matt’s take: the risks of failure are gone, and the upside from here could be massive.