Bitcoin Is Waiting On One Thing Before Institutions Go All-In

Ron Biscardi says institutional investors have largely moved past dismissing Bitcoin as "snake oil," but they still want clearer rules before committing serious capital. He argues that pensions, endowments, sovereign wealth funds, and foundations can now treat digital assets as legitimate, yet they remain blocked by the lack of an institutional-grade regulatory framework and reliable custody solutions. He also says recent exchange and security headlines only reinforce that hesitation.

The bigger institutional conversation, in his view, is still AI. Biscardi says data centers are the physical backbone of AI, so any slowdown in construction, especially in places like Texas, would be a strategic setback for the U.S. He expects builders to keep shifting plans if needed, and he thinks entrepreneurs like SpaceX will keep trying to solve infrastructure constraints, even potentially in orbit.

On private markets, he says venture has regained momentum because IPOs and liquidity are improving, while private credit was never close to a systemic break. He argues both asset classes still have strong institutional demand, and he says the venture comeback is tied to both better exits and the extraordinary revenue growth of AI companies like Anthropic.