As bitcoin continues to gain traction on the global stage, questions arise about who will lead the next wave of adoption.

Roundtable anchor, Rob Nelson, and Steve Gutterman, CEO of Gryphon Digital Mining , delved into this topic, discussing whether sovereign wealth funds, a U.S. strategic bitcoin reserve, or corporate adoption will emerge as the strongest narrative in the late cycle.

Rob Nelson highlighted his belief that "Major corporations starting to put more bitcoin on the books" is inevitable, while raising the potential for sovereign wealth funds such as those of Saudi Arabia to venture into the space. "What leads the way?" he asked, presenting the interconnected scenarios shaping the future of bitcoin adoption.

Steve Gutterman offered a broad perspective, noting, "I think all of the above," though he stopped short of predicting a specific sequence. "I think it's all coming, and I think that we could expect to see all of it within the next several years," he said, acknowledging the uncertainties around which development might take precedence.

An incoming Trump administration looks increasingly pro-crypto. Both Chairs of the House Financial Services Committee and the Senate Banking Committee are notably pro-crypto in Republicans French Hill and Tim Scott. The latter even spoke at the Bitcoin Conference in Nashville this past summer.

Fundstrat analyst Sean Farrell told Coinage this week that a U.S. Strategic Bitcoin Reserve could push Bitcoin to $500,000 . Ikigai Asset Management founder Travis Kling echoed that sentiment, predicting it could trigger a global race to scoop up bitcoin .