Institutional money is coming for bitcoin, but Adam Back says it moves slower than you think

Blockstream CEO Adam Back says spot bitcoin ETFs are a meaningful long-term catalyst for BTC but warns institutional adoption will be gradual. While arrivals like Morgan Stanley and BlackRock give bitcoin durable distribution and lobbying power, fund managers have not yet implemented recommended 2–4% allocations. Back expects a slow build — perhaps 12–18 months — as recurring institutional buyers (including bitcoin-treasury firms like MicroStrategy) steadily absorb supply. He also flags quantum-computing as a minor institutional risk that investors are evaluating. Overall, ETFs and institutional demand create a sustained tailwind for bitcoin’s price over time rather than an immediate surge.