It used to be that "regulatory uncertainty" was Bitcoin's biggest obstacle for investors.

This is no longer the case in 2025, which is a huge unlock. It's impact still hasn't fully manifested.

So, what are the biggest obstacles now?

I see two coming up in conversations:

(1) People are busy:

Most investors and allocators are very busy. They're constantly presented with opportunities, including things that could 10x. Why do they *need* to turn their attention to Bitcoin, which for many is still a complicated topic.

(2) Digital Gold:

I had a conversation with a family office investor this week. He said, "as I understand it, it's digital gold, but we don't do gold." Gold is indeed one of the least popular investments in America.

These two aren't the most pressing items of this moment, but they will reveal themselves as the next obstacle over the coming quarters.