You're completely correct. Practically everyone in retail already knows about Bitcoin. They know they can buy it on Robinhood or via IBIT or whatever. They know it goes up, it's digital gold, etc. The next buyer needed to be corporate and state treasuries so the Bitcoin community was pushing hard for that the past few years. Didn't really happen, smoke and mirrors. So if treasuries aren't buying, and retail is losing interest, who do you sell to?