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ETF is just the ticket; the real position game hasn't started yet.
Key takeaways:
•Position building could take 12–18 months
•Even with Bitcoin ETFs, fund managers have not yet started allocating the recommended 2–4% of equity portfolios to $BTC
•“They will do it, but slower than people expect”
Back also emphasized that the four-year halving cycle remains relevant and that institutions are taking a cautious, risk-managed approach.
Patience still required for the big money wave.