Adam Back says pension funds are Bitcoin's next wave
Blockstream's CEO says individuals and ETFs came first, and that managed funds and pension funds are the third wave of Bitcoin adoption, still mostly to come.
The facts
- According to Bitcoin Magazine, Adam Back, CEO and co-founder of Blockstream, describes three waves of Bitcoin adoption: individuals first, then ETFs.
- Back says the third wave of model portfolios, managed funds and pension funds is still largely to come.
- He also says Swiss banks are getting ready for that wave.
- The video's chapter list also covers Blockstream's Lugano office, quantum-safe custody, tokenised money market funds, and Basel rules on holding bitcoin.
Case notes · Danny's take
Why it matters
Individuals bought first. ETFs made it easy for funds to buy. Back's claim is that the slow, rule-bound money comes last. That is a forecast from the CEO of a company that works with institutions, not evidence that the money has arrived. Still, the topics he covers, custody, regulation and capital rules, are the boring plumbing that decides whether a pension fund can hold bitcoin at all.
For traders
Don't trade a founder's interview. Look for evidence: fund filings, disclosed allocations and custody announcements from banks. Until those show up, the third wave is a narrative, and narratives can be sold to you.
For builders
The chapter topics point to the gaps: custody that holds up against quantum risk, clear regulatory treatment, and the cost of holding bitcoin under Basel rules. Compliant, boring infrastructure for banks is where the work is.
Not financial advice. Do your own investigation.
This story was summarised with AI from Bitcoin Magazine's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.