I have not made this connection myself, and neither heard it proposed by others, before. I find the concept of the institution as the antichrist compelling. I note 'the state' is just another institution, as I also pointed out in a previous comment that the criminal acts of the state are identical to criminal acts committed by gangs, which are simply institutions just as is the state.

Corporations, governments, and gangs are just particular labels slapped on institutions that seek to differentiate them. However, institutions, or 'legal persons', are identical in one definitive particular: human rights and authority are delegated to an agreement between various individual people.

I submit that it is the institution that is the antichrist, and differentiating between states, gangs, and corporations is unnecessarily confusing the issue. I find this a compelling and rational concept that explains and validates the various descriptions of the antichrist in religious traditions, as well as reflects well the objections to despotism and tyranny folks intent on increasing and defending their freedom and prosperity undertake.

Thanks!