Part 7/15:
The pivotal moment, he suggests, was in early 2024 with the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin ETFs. This regulatory milestone transformed Bitcoin from a speculative asset into a recognized financial instrument, effectively crossing what Michael calls the "chasm" for institutional adoption.
He sees the approval as the beginning of a broader institutional embrace, with the potential for Bitcoin to comprise a significant percentage of global capital—points toward 10% or more of the world's investment. The perception shift also involves the accounting standards changing to treat Bitcoin more favorably, facilitating corporate adoption.