"Starting with 60-40 equity-bond portfolio, which is produced with a risk aversion of gamma=1.5, the optimal BTC allocation is a large 84.9%"
My calculations show that the optimal bet in Bitcoin is still an absolute value of 2.625 Bitcoin, as it allows for sufficient decentralization of the supply among approximately eight million holders (Top 0.1%). After all, the value of Bitcoin as an asset lies precisely in the decentralization of its supply. A simple thought experiment can show that if Satoshi had kept all 21 million Bitcoins to himself and never shared this idea with anyone, the value of Bitcoin would be zero.
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Circulation and decentralization is the backbone of bitcoin. I am never very supportive to the fact that the large corporates buying into bitcoin. It ends the decentralization effectively and ensure that the corporates control the crypto market. It is never an ideal situation. While corporate investment increases the liquidity in the market, but they get the power to control the market.
Companies like Blackrock is here because they sniff profit. Think what will happen when these large corporations will start booking their profits! Bitcoin should stay in the hands of the common public and not in the hands of the corporates.