Within the institutional investment world, there are all different thresholds for risk. Hedge funds and higher risk trading firms have been entering the fray for years, but most of the institutional market still won't touch Bitcoin. We're talking about pension funds, insurance companies, asset management firms, etc. BlackRock is one of the biggest asset managers in the world and their CEO said last year that their clients have "zero interest" in Bitcoin.

I do expect the more conservative institutions to dip their toes into the market over the next decade as BTC becomes a lower and lower risk asset. An ETF or similarly accessible instrument will help adoption among institutions that mostly interface with securities.