I think the demand shock of Bitcoin is here.

Before a big institution, SSGA, approved the first spot ETF for gold in 2004, its market cap was around $4 trillion. Once it got approved, there was a sudden surge in demand for gold that lasted over five years. However, supply of gold also increases - you can't do this with Bitcoin.

If Bitcoin reaches the same market cap that gold had before its ETF got approved, each Bitcoin would be worth about $100,000. But there's a key difference now: there are currently 9 big institutions getting into Bitcoin, while gold only had one at the time of its ETF approval.