Something is shifting in how serious money thinks about digital assets. Juan Leon, Senior Investment Strategist at Bitwise, sat down with Paul Barron this week and made the case that the era of institutions dabbling with 1% crypto allocations is quietly coming to an end.

With the S&P hitting all-time highs, Bitcoin pushing back toward $80,000, and XRP on the move, Leon argued the sentiment backdrop is now strong enough to support a structural rethink. His view is that institutional and high-net-worth portfolios, which have traditionally capped digital asset exposure between 1% and 5%, could comfortably move toward 10% over the next few years.

“Morgan Stanley recently recommended an allocation of 7%,” Leon noted. “What used to be 1%…