Bitcoin stands out among major asset classes in that most of its holders are individual investors, not institutions.

Bonds, stocks, and gold have histories spanning centuries, so it’s no surprise that institutional participation in them is much higher.

Over time, as Bitcoin matures, we should expect its ownership structure to shift in favor of institutional players, moving closer to gold’s ownership distribution.

This shift cannot be definitively described as positive or negative—it is a natural result of the asset’s growing global acceptance.