Adam Back: Bitcoin adoption by pension funds and managed funds identified as the 'third wave'

Blockstream co-founder and CEO Adam Back identified pension funds, asset managers, and model portfolios as the "third wave" of Bitcoin (BTC) adoption, saying most of the capital from these institutions has yet to enter the market. In a Bitcoin Magazine interview published December 2, Back outlined three adoption phases: retail investors first, spot Bitcoin ETFs second, and institutional asset allocation through pensions and managed funds third, noting that Swiss banks are preparing for this stage. The comments matter because Back, whose company built infrastructure used in the Lightning Network and sidechains, has historically framed adoption cycles that preceded major institutional inflows, and pension funds represent a far larger pool of capital than the ETF wave that drove 2024's flows. What to watch: Swiss bank custody and allocation products moving from preparation to launch, and whether any major pension fund or model portfolio provider discloses a BTC allocation, which would signal the third wave is underway rather than anticipated.