Michael Saylor, executive chairman of Strategy, said bitcoin is becoming more attractive to institutional investors, but its appeal to retail investors may decline. "You want less volatility so that large institutions can feel comfortable going into this space and scaling up," Mr. Seler told Natalie Brunell in a Coin Stories podcast posted to YouTube on Friday. "The puzzle is that if large institutions come in, if volatility goes down, then the market becomes boring for a while, and because the market becomes boring for a while, people's adrenaline surge goes down," Seler explains. "It's like they've just had a huge excitement and now the adrenaline is fading and they're a little pessimistic." Thaler said this is Bitcoin's "growth stage" and a natural part of it.