Exclusive: Xapo Bank's Joey Garcia Says Institutional Bitcoin Adoption Now Depends on Infrastructure, Regulation, and Trust

The article argues that Bitcoin’s institutional adoption is shifting from a price-only thesis to an infrastructure-first thesis. Xapo Bank’s Joey Garcia says large investors now care most about custody, compliance, settlement, operational readiness, and regulatory clarity before scaling exposure. He cites rising participation from Wall Street firms such as Goldman Sachs and Morgan Stanley as evidence Bitcoin is becoming a strategic allocation, but stresses that adoption depends on whether the ecosystem can support long-term institutional use. Garcia also highlights the CLARITY Act’s recent advancement as a sign policymakers are moving toward market structure, though he warns that overly prescriptive rules could push activity outside regulated channels. Overall, the piece is supportive of Bitcoin’s long-term institutional case, but emphasizes regulation and infrastructure as the key near-term drivers.