Adam Back: Institutional Allocation Will Drive Bitcoin’s Third Wave of Adoption

On November 1, 2026, Blockstream CEO Adam Back said in an interview with Bitcoin Magazine that Bitcoin's first two waves of adoption were driven by individuals mining and buying Bitcoin, followed by ETFs. The third wave will broaden adoption through professional asset management channels but has yet to fully materialize. Some major investment banks have recommended a 2% to 4% Bitcoin allocation in their model portfolios. More people will gain indirect exposure through mutual funds, pension funds and insurance products, with Bitcoin treasury companies also playing a role.