KEYTAKEAWAYS
- At WebX2025, Adam Back introduced the idea of the “Bitcoin Operating System,” showing a vision of Bitcoin as a financial operating system.
- Multi-asset custody and account separation improve compliance and security. The Liquid Network adds programmability and scalability.
- With institutional adoption, digital assets and traditional tools (like ETFs and stocks) may merge on-chain, building new financial infrastructure.
- Bitcoin’s role may grow from “digital gold” into the base layer of global finance, supporting the full process of asset issuance, trading, and compliance.
CONTENT
At WebX2025, Blockstream CEO Adam Back proposed Bitcoin as a financial operating system, highlighting custody, programmability, and institutional adoption.
A NEW VISION FOR BITCOIN
At the WebX2025 conference in Tokyo, Blockstream CEO Adam Back presented a striking idea: the Bitcoin Operating System.
He said that Bitcoin is not only a store of value, but is evolving into an expandable, compliant, and secure operating system that can support the future financial market.
CoinRank interviewed developers and institutional representatives at the event. Many agreed this proposal could be a turning point for Bitcoin’s entry into mainstream finance.
CUSTODY AND ASSET MANAGEMENT
Adam Back began by focusing on multi-asset custody and account separation.
For institutions, digital asset solutions are more than just a “safe box.” Their main concern is whether management can be safe, transparent, and sustainable within a compliance framework.
He stressed the need for layers and separation: each client’s assets are managed independently, avoiding systemic risk or mistakes. At the same time, mandatory spending rules act like a firewall, making sure custodians cannot move funds freely. “Trust” becomes a hard rule written into code.
More importantly, this system is not only about storage. It covers the full lifecycle of assets: issuance, dividend payments, and redemption. Every step is transparent, verifiable, and traceable on-chain.
Adam Back described this as a real path to institutional management: blockchain makes compliance and security not just promises on paper, but technical guarantees built into the system.
>>> More to read: 【WebX 2025】Japan’s Bitcoin ETF: Feasibility and Challenges to Overcome
LIQUID NETWORK AND PROGRAMMABILITY
When talking about Bitcoin’s future, Adam Back highlighted the Liquid Network.
Liquid is not a replacement for Bitcoin, but a natural evolution. It transforms Bitcoin from a “store of value” into a “functional platform.”
Its strength comes from programmability. Using the Simplicity language, developers can prove rules mathematically, making them verifiable and tamper-proof. Security no longer depends on human audits but on code itself.
Liquid also brings scalability. Enterprises can build custom networks and rules, whether for large transactions or specific asset classes. For financial markets, this means Bitcoin is no longer just a “static asset,” but the core of an operating system that can support complex logic.
INSTITUTIONAL ADOPTION AND FINANCIAL INTEGRATION
Adam Back also emphasized the power of institutions. The digital asset market is no longer just retail speculation. It is moving into a regulated stage.
Today, companies and institutions hold significant shares in stocks and ETFs. For them, blockchain is not just a concept but a tool to increase efficiency and reduce costs.
✅ In clearing, blockchain reduces intermediaries and shortens time.
✅ For compliance, on-chain records bring transparency and cut down audit costs.
✅ For business growth, firms can create new services for clients using digital assets.
This is why Back said financial companies will be the first to benefit from blockchain. Their involvement means digital assets are not just an “investment story,” but a real part of the global economy.
>>> More to read: 【WebX 2025】Crypto regulation and Stablecoin Adoption in the US and Japan
BLOCKCHAIN FOR FINANCIAL INSTRUMENTS
In the later part of the talk, Back expanded the scope to traditional financial tools. He said blockchain should not be limited to crypto-native assets. Its potential includes stocks, ETFs, and even multi-asset portfolios.
Imagine a future where stock trades no longer go through multiple clearing houses, but happen directly on-chain. ETF custody and redemption can be done automatically by smart contracts. Compliance audits can be completed instantly with transparent records.
This would improve transparency and liquidity, while allowing different assets to flow in one system. If realized, this could reshape how global capital markets work.
LOOKING AHEAD
Adam Back’s message was clear: Bitcoin is being redefined. It is no longer only “digital gold.” It is becoming a financial operating system.
🔍 This means:
- Infrastructure — custody, clearing, and compliance will run on Bitcoin and Liquid.
- Ecosystem integration — assets can operate together in one network.
- Institutional drive — large financial players will speed up blockchain standardization.
This marks a shift in narrative: from an “asset story” to a “system story.” It is about both Bitcoin’s new role and the way the future financial system will operate.
