The recent entry of Morgan Stanley into the US spot bitcoin ETF market has been seen by some as a catalyst for ending the current crypto bear market, given the vast distribution power of the company's $8 trillion wealth management network. However, Blockstream CEO Adam Back cautions that the process is slower than anticipated. Back, an early contributor to the Bitcoin community, notes that while bitcoin ETFs are a crucial development for positive market signals, institutional adoption takes time.
"I think what people may have miscalculated is that institutional adoption is very slow," Back said in an interview. He adds that investors do not immediately invest, and a build-up can take up to a year or 18 months.
Back also discusses the impact of regulatory environments, the cyclical nature of bitcoin's price, and the potential effects of quantum computing on the market.