Blockstream CEO Adam Back Warns Bitcoin ETF Boom Takes Over a Year

Blockstream CEO Adam Back warns that institutional Bitcoin ETF adoption will unfold slowly over 12-18 months, delivering steady long-term demand rather than immediate spikes. Recent developments like Morgan Stanley's April 2026 U.S. spot ETF launch—backed by its $8 trillion advisory platform—and BlackRock's unimplemented 2-4% portfolio allocation guidance are seen as infrastructure builds, not short-term catalysts. Large firms including BlackRock, Fidelity, and Morgan Stanley have incentives to defend ETFs, bolstering regulatory stability, while accumulators like Strategy (ex-MicroStrategy) via its Stretch vehicle and sovereign funds provide ongoing support. Quantum risks remain a distant concern.