Morgan Stanley manages roughly $7T in assets and its advisors are reportedly being encouraged to allocate 2-3% of portfolios toward crypto exposure. That’s a massive shift. Bitcoin historically moves in flywheels: - New capital pushes price higher - Higher prices attract more attention - More attention brings more inflows Then the cycle repeats. That’s why some investors continue targeting six-figure Bitcoin prices over the coming years. Not because they think Bitcoin replaces everything tomorrow but because institutional allocation is still extremely early. And meanwhile, another important trend is happening underneath the surface: AI and crypto are starting to merge. Bitcoin mining infrastructure is increasingly being repurposed into AI compute infrastructure and data centers. The “AI vs crypto” debate may end up missing the bigger picture entirely. Both ecosystems are becoming connected. @ricedelman