Adam Back, CEO of Blockstream, has expressed skepticism about the rapid impact of institutional Bitcoin adoption following Morgan Stanley's entry into the U.S. spot Bitcoin ETF market. Despite the potential of Wall Street's $8 trillion wealth management network to influence the market, Back believes institutional adoption will be gradual, taking 12 to 18 months. He noted that while ETFs have been purchased, fund managers have yet to allocate the suggested 2% to 4% of their portfolios to Bitcoin. Back emphasized the importance of Bitcoin's four-year halving cycle in price considerations, suggesting that market expectations can drive sell-offs even if the cycle appears to be breaking. He also addressed concerns about quantum computing threats to Bitcoin's cryptography, highlighting that institutions manage such risks systematically, unlike retail investors who see them as distant threats.