BlackRock's investment chief Jay Jacobs just dropped an interesting take on CNBC: Bitcoin's still in its early innings.

When you've got the world's largest asset manager—13 trillion dollars in AUM—saying something like that, it catches attention. Think about what that means. A company managing more capital than most countries' GDPs sees room to run in Bitcoin.

The "early days" framing is doing a lot of heavy lifting here. It's not a dismissal. It's actually the opposite—it's acknowledging we're still near the starting line of wherever this goes next.