Yes, we are at step 2 but I feel there has been investment from institutions already which helped bitcoin to cross the barrier of $15k when it was struggling for long time.
True we are at the second step already, and IMHO those investments was all bitcoin needed to get the bull run started as we can see right after those institutions decided to trust and invest in bitcoin thats when it started pumping.
Your article reflects the positive side wherein we also need to consider what could go worse like countries banning Bitcoin, institutions cashing out.
I guess he's just wants to be all postive about bitcoin, but it's also good to always plan for the worst scenario, just incase things go side ways, news like "countries banning Bitcoin or the institution cashing out, will definitely bring a negative impact on Bitcoin current price, and I just pray that wouldn't happen, instead bitcoin should be adopted more or accepted by the government rather than been banned.