Bitcoin is the only major asset still mostly owned by individuals, not institutions. Nearly everything being built in Web3 now is designed to end that. The share held directly by individuals, according to River’s figures: 👉 Bonds: 11.8% 👉 Stocks: 41.6% 👉 Gold: 47.4% 👉 Bitcoin: 79.6% That order is not random. It’s roughly the order in which each of these assets was "institutionalised". Bonds have been managed on other people’s behalf for centuries, and almost nobody holds one directly now. Equities followed. Gold spent most of a century in vaults belonging to central banks and funds. They all arrived at the same place by the same route. An asset becomes valuable. Then it becomes worth insuring, auditing, lending against, reporting on and regulating. Each of those is a service; each service needs a provider, and every provider ends up holding the asset while providing it. The interesting question isn’t whether Bitcoin becomes like the others. It is how long it will take. Over the last two years, the trend has been that individuals are selling and institutions are buying. Bitcoin is still mostly held by individuals. That is precisely what everyone is working to change.