1) The bet on bitcoin is a macro play - that decades of cheap credit and out of control central bank policies necessitates the existence of a scarce, self-sovereign asset.
2) It's no surprise that most professional investors don't pay close attention or think much about cryptocurrencies - how many can count monetary policy + macro trends as part of their core competencies?
3) The most extreme example of this is Buffett. He focuses on long term business value, through looking at the balance sheet, branding, and moats. He specifically pays little to no attention to macro trends - it's not part of his skill set.
4) Bitcoin is a new technology, has no cash flows, and a macro driven bet. Not many professional investors feel comfortable with this.
5) I really like the @nntaleb's analogy of bitcoin as a form of insurance against Orwellian governments. But..how many people proactively buy insurance, especially against a threat that that is so abstract, and while everything is going so well?
