Adam Back: Institutional Allocation Will Drive the Third Wave of Bitcoin Adoption On November 1, 2026, Blockstream CEO Adam Back (@adam3us) stated in an interview with Bitcoin Magazine (@BitcoinMagazine) that the first two waves of Bitcoin adoption were driven by individual mining and buying, and ETFs, respectively. The third wave will expand through professional asset management channels, but it has not yet fully arrived. Some large investment banks have already recommended allocating 2% to 4% of their portfolios to Bitcoin. More people will indirectly gain exposure through mutual funds, pension funds, and insurance products; Bitcoin treasury companies are also part of this. Source: Bitcoin Magazine