Highlight clip: Adam Back: Institutional Allocation Will Drive the Third Wave of Adoption Adam Back: Institutional Allocation Will Drive Bitcoin Third Wave of Adoption On November 1, 2026, Blockstream CEO Adam Back said in an interview with Bitcoin Magazine that the first two waves of Bitcoin adoption were driven by people mining and buying Bitcoin, followed by ETFs. The third wave will expand adoption through professional asset management channels, but will not yet be fully realized. 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. link