It's an innovator's dilemma situation IMO. They can't properly value Bitcoin's innovation because it doesn't fit into their existing product architectures, customer set, and network effects. When they look at the existing market, they also don't see it as large enough for a sizable ROI vs. their existing businesses from both a users and revenue perspective.

But, Bitcoin doesn't need them. New entrants thrive in such an environment. They can be nimble and cost effective in their use case exploration. When they find the right use cases and hit the S curve upslope of adoption, it'll be too late for big tech. They'll miss the new paradigm.