Two leading voices in Bitcoin adoption took the Nakamoto Stage at The Bitcoin 2026 Convention, arguing that a rare market dynamic — where direct competitors openly work together — has become the hallmark of today’s institutional wave into digital assets.
The discussion included David Bailey, CEO of Nakamoto Inc., Alexandre Laizet from Capital B, and Dylan LeClair of Metaplanet, with George Mekhail of Bitcoin for Firms serving as moderator.
Bailey opened by framing Bitcoin more like a decentralized enterprise, contending that rising valuations across peer companies lift the entire ecosystem rather than compete with it. He cited UTXO Management’s investments in both Capital B and Metaplanet as a real-world example of this mindset — a model that blurs the line between backer and partner.
LeClair agreed, noting that Bitcoin stands apart from nearly every other industry because participants openly share strategies and build on each other’s progress. Laizet began by thanking his fellow panelists and describing them as inspirations in driving corporate adoption — language that would seem unusual at most industry events.
Institutional barriers still limit Bitcoin
Despite the positive outlook, the panel was frank about the structural hurdles ahead and emphasized that Bitcoin adoption is “still early.” LeClair shared a striking statistic: he estimated that 99% of institutional capital currently cannot access Bitcoin or Bitcoin ETFs due to mandate restrictions that limit many funds to fixed income or specific asset classes.
For LeClair, this limitation is precisely why the current moment remains early — and why building infrastructure, not debating ideology, is the key challenge.
He described hyperbitcoinization not as a sudden breakthrough but as a gradual process that requires institutional infrastructure — custody solutions, compliant products, and regulatory clarity.
He credited Michael Saylor with recognizing and beginning to bridge that gap for traditional finance, and challenged what he called a paradox: Bitcoin supporters who expect dramatic price growth while opposing the institutional involvement that would make such valuations achievable.
Bailey reinforced this perspective, pointing out that only a few hundred companies currently hold Bitcoin on their balance sheets, and that Strategy is still in the early stages of paving a path others are just starting to follow. He argued that every economic actor will eventually need to engage with Bitcoin, and that any outlook excluding certain participants contradicts the asset’s core principles.
“For us to have hyperbitcoinization happen… every economic agent in the world is going to have to use bitcoin,” Bailey said.
Laizet outlined Capital B’s approach as one designed to meet institutional investors where they are. He pointed to BlackRock’s Bitcoin ETP and the firm’s growing list of institutional clients as real examples of European investors gaining meaningful Bitcoin exposure through regulated channels.
For clients unable to handle Bitcoin’s volatility directly, he said digital credit products offer an alternative route — structured instruments that provide exposure without requiring full price risk.
Laizet was particularly optimistic about the financial services layer being built around Bitcoin, arguing that holders will increasingly want institutions willing to extend loans against their Bitcoin holdings — providing access to capital without forcing a sale. He framed this as a matter of respect for the asset: users, he said, want financial partners that treat Bitcoin as collateral worth holding, not something to be sold at the first opportunity.
Bitcoin is moving into traditional finance
Bailey delivered perhaps the panel’s most pointed remark when discussing Bitcoin’s relationship with legacy finance. He argued that because Bitcoin’s underlying technology is immutable, no financial institution — including BlackRock — can change its properties. The dynamic, he said, runs in only one direction: “Bitcoin changes BlackRock,” he stated.
He acknowledged a growing split within traditional finance between institutions embracing Bitcoin and those resisting it, describing advocates as “barbarians at the gate.”
That divide, he argued, makes it urgent to build a large institutional investor base capable of influencing policy and shaping the rules of the financial system in Bitcoin’s favor.
Bailey suggested that critics of BlackRock’s involvement today will face a more formidable challenge when central banks, including potentially the Federal Reserve, begin purchasing Bitcoin.
Mekhail, moderating, added context on the timeline, noting that Bitcoin for Firms exists to help companies navigate this entry point — and cautioning that the window to be truly early in the corporate adoption cycle is closing faster than many realize.
