I understand it in previous cycles. But I'd think that with some of the more mature collateralized lending solutions out there to avoid cap gains there'd be less of it at this point. Especially because whatever else you're buying at this point is going to be kyc'ed with counterparty risk anyway, so most of the arguments against it are pretty much moot. The only caveat is that while selling your bitcoin and paying the taxes will leave you with ~80% of the value, borrowing against it will usually only leave you able to access 50% (+future upside). But whatever, it's their money to do with what they want. And spreading coins to a broader base is probably good. I'd just hope it's actually going broader, rather than just into institutional coffers...