Adam Back: Pension funds and asset management capital will constitute the "third wave" of Bitcoin adoption

Blockstream CEO and co-founder Adam Back stated in an interview with Bitcoin Magazine that the "first wave" of Bitcoin adoption came from individual investors, the "second wave" comes from spot ETFs, while the "third wave" of large-scale capital inflows from pensions, managed funds, and model portfolios has yet to arrive. He pointed out that Swiss banks are preparing for this phase.

According to the chapter arrangement of the interview, the discussion also covered the demand for quantum-secure Bitcoin custody by Swiss banks, comparisons between tokenized money market funds and stablecoins, tokenized stocks based on the Liquid network and Blockstream AMP, as well as the obstacles that institutions still face when entering the market.

In addition, Adam Back discussed whether institutions should build their own custody capabilities or rely on third-party custodians, how regulation shapes the Bitcoin custody landscape, and the impact of Basel rules on the costs of institutions holding Bitcoin. Blockstream recently established an office in Lugano, Switzerland, and began offering consulting services.