Adam Back CEO of Blockstream CC (text) Speech
We used Ai tool to transcribe the entire speech February 19th 2025. Hong Kong Consensys interview!
Cryptoken Board UÜ
2/19/2025
Blockstream CEO @adam3us joined CNBC at Consensus Hong Kong to break down why Bitcoin is in the early stages of a bull market and what’s driving the next wave of adoption: Adam Back, co-founder and CEO of Blockstream, discusses the potential for Bitcoin to surge further on expectations a significant amount of institutional capital will flow into the market.
"Well, it's it's hard to predict the timing, but I think we're certainly in the early stages of a bull market at this point. You know, typically, the bull market cycle lasts for a certain period after the halving and so we're still in the earning innings. I think there's very stiff, inflows from ETFs buying about two times the Bitcoin mines per day. MicroStrategy and the other Bitcoin treasury companies buying another two times and the retail buyers and dollar cost average investors. So really, that's a lot of inflow.
I think, you know, temporarily there's some consolidation because some earlier investors, sort of midterm investors profit ticking, but, you know, that overlay would set us up for, you know, a a price where you start to see Bitcoin competing with gold, perhaps pulling money out of gold ETFs into Bitcoin ETFs. And then, of course, if the treasuries come in, like the sovereign treasuries, the Bitcoin reserves, that would be something where you'd see sovereign competition. And as soon as one of the bigger countries jumps in, I think the others will feel forced to follow suit. So that would you know, all bets would be off if that happens. Now, of course, institutional adoption, I think the family offices are faster, more agile, but the institutions are in play.
You can see that the ETF, 13 f filings, which shows you the institutions that have bought Bitcoin via the ETFs is about 30% institutional. I think there's a lot more capital in the institutional space of pension funds and mutual funds, so there's a lot of room for capital to come in, you know, in this cycle and into the next cycle."
You can watch the full interview here on Bloomberg TV : https://www.cnbc.com/video/2025/02/19/adam-back-bitcoin-is-in-the-early-stages-of-a-bull-market.html
