The most dangerous financial strategy in the world right now is "wait and see" on Bitcoin. In traditional markets, waiting buys information. In fixed-supply markets, waiting destroys optionality. This is a global game of musical chairs with $25–30 trillion of state-controlled, reallocatable capital and only 21 million chairs. The math makes delay indefensible. The Math of Inevitability The "real option" to buy Bitcoin is expiring because the addressable sovereign pool is structurally mispriced. State-level capital pools (order of magnitude): Sovereign FX reserves: ~$13T Sovereign wealth funds: ~$15T Central bank gold: ~$4T Gross sovereign pool: ~$32T Conservatively reallocatable: ~$20–25T If just 1% reallocates to Bitcoin, that is $200–300B in net inflows. With a standard liquidity multiplier where $1 of persistent inflow drives ~$3–5 of market cap, this is not incremental. It is a regime change. A 5% sovereign reallocation mathematically supports $250K–$400K+ Bitcoin. This is not a "top": it is merely the repricing required to accommodate the first wave of institutional refugees. Bitcoin does not absorb capital smoothly. It reprices. The Sovereign Trap: Utility vs. Possession Do not confuse "utility" with "sovereignty." We already see the signal in the retail noise: 75-year-old grandmothers in Caracas paying HOA fees in USDT to escape hyperinflation. That is utility. It saves them from local currency collapse. But useful ≠ sovereign....