From Legitimacy to Architecture Institutions have stopped asking whether bitcoin is legitimate. With spot-ETF assets now above $50 billion and corporates issuing convertible bonds tied to bitcoin, the debate has shifted: How does bitcoin fit into the global financial stack? The emerging answer is bitcoinization—the financialization of bitcoin itself.Volatility as a Feature, Not a Bug Traditional finance still reflexively labels bitcoin “too volatile.” Strategy (formerly MicroStrategy) begs to...