RWA

This matters because it settles a question that has defined corporate crypto adoption: Is bitcoin infrastructure or is it investment thesis? MicroStrategy answered "investment thesis" by building an entire company around accumulation. Tesla answered "both" by accumulating while its core business is electric vehicles. SpaceX answers "infrastructure" by holding bitcoin as a minor part of liability management alongside cash.

Institutions are using blockchains as back-office infrastructure. Custody remains regulated. Identity verification follows existing standards. Compliance layers mirror traditional requirements. The public blockchain narrative emphasizes decentralization and permissionless access. Institutional adoption emphasizes auditability, programmability, and settlement finality within controlled environments.