Adam Back says DeFi hacks are boosting institutional demand for BTC

Blockstream CEO Adam Back said at Consensus 2026 Miami that the recent series of hacks in the decentralized finance (DeFi) space is actually strengthening institutional demand for Bitcoin. According to CoinDesk, Back explained that Bitcoin's infrastructure is built on simplicity, robustness, and security, setting it apart from experimental blockchain ecosystems plagued by smart contract vulnerabilities and recurring hacks. He added that this year's DeFi incidents have given institutional investors a more sophisticated understanding of cryptocurrency risks. As a result, many institutions are now adapting to Bitcoin's incentive structure and conservative security model rather than trying to force it into the traditional financial system, Back noted.