Coinbase Executive Declares Bitcoin’s Second Wave of Institutional Capital

Bitcoin's second wave — Coinbase Institutional’s Co-CEO, Brett Tejpaul, stated that Bitcoin is experiencing a “second wave” of institutional capital, driven by stablecoin payments and bank adoption of crypto infrastructure.

Tejpaul revealed that seven of the world’s largest banks are now operating on Coinbase’s infrastructure, describing their realization of blockchain’s potential as a “Kodak moment.” He explained the driver has shifted from Bitcoin ETFs to payments, citing the ability to move money from a Citi account into USDC and across the blockchain in seconds.

The executive noted that stablecoins are currently a “speck of dust” in the global payments landscape but are seeing significant volume, with $400 million moving hourly. He framed this as the first step for payment providers, with banks to follow.

On Bitcoin‘s price performance, Tejpaul offered a candid assessment, calling it “disappointing” despite a positive macro setup. He observed that institutions are still largely treating Bitcoin as a leveraged tech trade rather than a core asset.