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Custody, FOMO and the Slow Institutions
The September 9, 2024 News Surge pairs a retail buyer who wants out with Howard Lutnick's case that institutions are coming, slowly.
Bitcoin was at $54,566 on Monday, September 9, 2024, when the host of the Mining Disrupt News Surge opened the show with a warning about fear. FOMO, he said, goes both ways. It pulls people into a rising market, and it pushes them out of a falling one, because nobody wants to be left standing when the music stops.
He had a real example. A boomer-aged man he knew watched Bitcoin rise, a little after the ETFs launched, and bought some through his Fidelity account. When the price started to slide, the last the host heard, the man wanted out. The same fear that pulled him in on the way up was now pushing him toward the exit.
That set up the week's posts. The account Macro Jack argued that Bitcoin's ceiling is a custody problem: "the reason Bitcoin is not a $2 trillion, $5 trillion, or $10 trillion asset class is because of the massive risk in Bitcoin custody."
Then came a clip of Howard Lutnick, then chief executive of Cantor Fitzgerald, saying big institutions want in but need time. The host explained it with a story about Valve's Gabe Newell, who once told a group of fans that change at a large company is slow because so many parts are already in the pipeline. Adoption is coming, the host said. "They are paying attention." People inside those firms are watching and learning, he added, but they cannot act until a quarter closes or a new budget cycle comes around.
A post from River said thousands of businesses were already buying Bitcoin daily, while everyone watched Saylor and MicroStrategy. Michael Saylor's tweet that Friday was short: you do not sell your Bitcoin. The host said more than once that he was reading a tweet, not giving advice. His own reason for being in Bitcoin, he told viewers that week, is not getting rich. It is changing a systemic problem, which he called broken money.
He closed with Ocean. Over six months, 174 addresses had received payouts directly from the blockchain, and 97 of them mined on Ocean. His advice to viewers was to get a small home miner, a Bitaxe or a Solo Satoshi unit for less than $200, and help decentralize the network.
Bitcoin closed at $55,264 that day. On October 26, 2026, it was at $80,448.
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