One of the most common arguments I hear for Bitcoin’s long-term success is that it is “too big to fail” because so many major players are involved. This argument is weak and collapses immediately. BlackRock and the rest of Wall Street are not making conviction bets; they are allocating client capital to whatever is trendy. Early inflows happened, then the hype died and the money exited just as quickly, exactly as predicted. 17+ years in, not a single serious institution has taken a legitimate balance sheet position in Bitcoin. The lone poster child, MicroStrategy, is running a leveraged promotional scheme straight out of its dot com playbook. They pulled the same stunt in 1999 and were crushed, with the stock dropping 99% and Saylor wiping out his entire net worth. Even El Salvador has quietly abandoned Bitcoin. They signed an agreement with the IMF, agreeing to stop purchasing it and are now just shifting coins in and out of wallets (to create the illusion of buying in order to fool retail buyers). They shut down their national Bitcoin wallet after it went bankrupt and have not launched any of the “Bitcoin projects” they promoted for years. If the logic is “smart people are in it, therefore it must win,” then the South Sea Company would have been unbeatable because Newton and the King owned shares. That logic is worthless. What matters are fundamentals, utility, and real technological substance. Bitcoin has none. No real usage, no adoption curve, no productive utility. Let's all be honest and call it what it is, it's a speculative gambling token wrapped in mythology.(Jacob King)