Key Takeaways
- • Adam Back, CEO and co-founder of Blockstream, argues that Bitcoin's third wave of adoption will come from model portfolios, managed funds and pension funds, which he says remain largely ahead.
- • Back frames Bitcoin adoption as three waves: individuals first, spot ETFs second, and institutional vehicles such as pensions and managed products third.
- • Back says Swiss banks are already preparing for this next wave, with Blockstream having opened an office in Lugano.
- • Institutional readiness hinges on quantum-safe custody, tokenized money market funds versus stablecoins, and Basel capital treatment of bitcoin holdings, according to the discussion's chapter outline.
Summary
Adam Back, CEO and co-founder of Blockstream, told Bitcoin Magazine that the next phase of Bitcoin adoption will be driven by pension funds, managed funds and model portfolios. In his framing, the first wave was individual holders and the second was exchange-traded funds. He argues the third wave is still largely to come.
The interview, published as a video by Bitcoin Magazine, covers why Blockstream opened an office in Lugano and began offering consulting services. Back also says Swiss banks are seeking quantum-safe custody for bitcoin, a requirement he presents as a precondition for institutional participation. The discussion also contrasts tokenized money market funds with stablecoins and addresses tokenized shares issued on the Liquid network and Blockstream AMP.
The chapter outline identifies several obstacles for institutions, including where they still get stuck, whether to build custody in-house or use a third-party custodian, and how regulation shapes custody arrangements. It also references Basel rules and the capital cost of holding bitcoin. These views are Back's and the program's participants, and the publication notes they do not reflect the official position of BTC Inc. or Bitcoin Magazine. The piece is presented for informational purposes and is not investment advice.
The interview, published as a video by Bitcoin Magazine, covers why Blockstream opened an office in Lugano and began offering consulting services. Back also says Swiss banks are seeking quantum-safe custody for bitcoin, a requirement he presents as a precondition for institutional participation. The discussion also contrasts tokenized money market funds with stablecoins and addresses tokenized shares issued on the Liquid network and Blockstream AMP.
The chapter outline identifies several obstacles for institutions, including where they still get stuck, whether to build custody in-house or use a third-party custodian, and how regulation shapes custody arrangements. It also references Basel rules and the capital cost of holding bitcoin. These views are Back's and the program's participants, and the publication notes they do not reflect the official position of BTC Inc. or Bitcoin Magazine. The piece is presented for informational purposes and is not investment advice.
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