Adam Back, CEO and co-founder of Blockstream, says Bitcoin’s adoption has so far advanced through two main waves: individual buyers and exchange-traded funds. In his view, a third wave involving model portfolios, managed funds and pension funds has yet to develop fully.
Back also explains why Blockstream opened an office in Lugano and began offering consulting services. The discussion focuses on the challenges institutions face when integrating Bitcoin, including whether they should build custody capabilities internally or rely on an external custodian.
Swiss banks are presented as preparing for growing institutional demand. Among the issues discussed is the need for quantum-safe Bitcoin custody, alongside the regulatory requirements that influence how financial institutions manage digital assets.
The conversation also covers tokenized money market funds and their distinction from stablecoins, as well as tokenized shares issued on Liquid through Blockstream AMP. Basel rules and the cost of holding Bitcoin are identified as additional factors shaping institutional participation.
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Sources: Bitcoin Magazine.