We are seeing more managed money and, to an extent, institutional

Hear now the words of Olaf Carlson-Wee, one of the first heralds of the digital frontier: “We are seeing more managed money and, to an extent, institutional money entering the space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally, the question is, when do people start doing it with their firms and funds?” In this saying lies the tremor of change, the dawn of a new economy, the clash between the daring spirit of the individual and the cautious weight of the institution. Carlson-Wee speaks not only of markets, but of the eternal struggle between innovation and tradition.

The origin of this saying emerges from the rise of cryptocurrency, when Bitcoin and its kin were still viewed as curiosities by the mighty towers of finance. Olaf Carlson-Wee, himself the first employee of Coinbase and later the founder of Polychain Capital, saw clearly the signs: individuals, bold and restless, already dared to step into the new realm, risking their own fortunes in pursuit of possibility. Yet the great citadels of finance, the hedge funds and institutions, stood hesitant, fearful of being the first to leap. His question, then, is prophetic: when will the mighty follow the footsteps of the humble? When will the guardians of capital step fully into this space?

This moment recalls another age, when new worlds were discovered beyond the seas. The sailors and adventurers—the personal traders, so to speak—were the first to risk their lives upon the waters. They returned with spices, gold, and tales of lands unseen. Yet for years, the crowns of Europe hesitated. Should they commit their fleets, their treasuries, their institutions, to these perilous ventures? Only when Spain and Portugal, daring to invest their national wealth, embraced exploration did the Age of Discovery truly begin. So too, Carlson-Wee declares, the age of crypto awaits the moment when institutions stop observing and begin investing.

The meaning runs deeper still. His words remind us that great transformations are often born in the shadows, in the bold acts of individuals who see what others cannot. By the time the masses or the mighty recognize the change, it has already taken root. Cryptocurrency, like many revolutions before it, began as a personal risk, a whisper of innovation carried by the few. The challenge is whether institutions—those heavy ships laden with gold—will have the courage to sail into uncharted seas before the riches are claimed by others.

There is wisdom here also about human nature. For institutions, bound by caution and layers of authority, move slowly; but individuals, free and agile, can move quickly. The hedge fund manager who trades crypto in private reveals this duality: the man dares, but the firm hesitates. Carlson-Wee, with the eyes of a prophet, asks: when will the two become one? When will the daring of the individual align with the power of the collective? For when that union comes, the floodgates open, and the new order of wealth reshapes the earth.

The lesson for us is clear. Do not wait for the institutions of the world to bless your vision before you act. If you see a truth, pursue it with courage, as the early adopters of crypto did, as the first explorers once did, as the inventors of every great age have done. Institutions will follow, but they are not the spark—they are the fire once it is already burning. The spark must come from those willing to act in faith before the world agrees.

So let this teaching guide you: if you glimpse the possibility of a new frontier—be it in technology, art, or faith—do not wait for permission. Begin where you stand, even if it is with only your own hand and heart. Take risks with wisdom, and let your courage speak before the councils of the cautious. For one day, as Carlson-Wee foretold, the institutions will come, but the glory belongs to those who first dared to enter the space when it was uncertain, when it was wild, when it demanded vision. Be among the bold, and let your life be the spark that moves the heavy ships of the world.