Adam Back Projects Third Bitcoin Adoption Wave Led by Banks and Insurers

Bitcoin is entering a third institutional adoption phase driven by banks, pension funds, and insurance companies, according to Blockstream CEO Adam Back. Speaking in a video post, Back noted that major investment banks are establishing portfolio recommendations advising clients to hold between 2% and 4% in Bitcoin allocations. Insurers are expected to initiate passive allocations, joining mutual funds, model portfolios, and corporate treasuries. Back indicated that integration across traditional multi-asset portfolios could significantly expand liquidity, reiterating a long-term target where Bitcoin reaches parity with gold's market valuation at approximately $1.5 million per coin.