Adam Back: Institutional funds are investing in Bitcoin, but Adam Back says the pace of entry is much slower than expected by the market According to a report by Golden Finance on April 29th, some observers saw Morgan Stanley's entry into the US spot Bitcoin ETF earlier this month as a catalyst to end the current cryptocurrency bear market, citing the massive distribution capabilities of this large Wall Street broker's $8 trillion wealth advisory network. But Adam Back, CEO of Blockstream and an early contributor to the Bitcoin community, said it won't be that fast. Back has recently been speculated by The New York Times to be the anonymous founder of Bitcoin, Satoshi Nakamoto - he denies this. Back stated that based on positive market signals, Bitcoin ETFs may be the most significant development in recent times, even more important than a pro crypto US government, but this process is slower than most people realize. Back said, "I think one thing people may have miscalculated is that institutional adoption is very slow. So ETFs have already been bought, but when BlackRock suggested allocating 2% to 4% in its general stock investment portfolio, fund managers have not yet achieved this. They will do it, but slower than people expected. He said that investors will not flock in overnight, and the process of building positions may take a year, or even 18 months. Regarding the price, Back suggests considering the cyclical nature of Bitcoin's four-year halving cycle. He pointed out that even if some commentators believe that the four-year cycle is breaking and "people expect it to happen, so they sell and let it really happen," a decline may still occur. This logic will only change when people see the market strengthen, which is now manifested in the form of institutional capital inflows. Back stated that regarding recent statements about the potential threat to Bitcoin cryptography from the accelerated development of quantum computing hardware, institutions are more systematic in risk management and will focus on tail risks, while retail investors see them as distant future risks.