Adam Back, CEO and co-founder of Blockstream, describes pension funds, managed funds, and model portfolios as Bitcoin’s third wave of adoption, following individuals and ETFs. This wave is still largely ahead and could accelerate the institutionalization of the digital asset. Swiss banks are already preparing custody solutions, including options designed for protection against quantum-computing threats. Back also discusses tokenized money market funds, stablecoins, tokenized shares, regulatory constraints, custody models, and the impact of Basel rules on the cost of holding Bitcoin.
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