Fair point, you’re right on the causality. Institutions don’t secure the network directly, they move price, and price is what feeds miner incentives, which then drive hashrate and security. I wouldn’t completely separate them though. If price sets the upper bound for miner revenue, then big, steady capital flows still matter, just one step removed. They shape the incentive landscape, not the mechanism itself. Fully with you on the L1 vs L2 point. Bitcoin as settlement, Lightning as payments. That split actually makes the system more coherent, not less. And yeah, the geopolitical angle is where this stops being theoretical. When the usual rails break, Bitcoin doesn’t ask for permission to keep working.