Bitcoin is about to enter its ‘third phase’ of global adoption, according to Adam Back, the CEO of Blockstream. In an interview this week (as tracked by Wu Blockchain), the legendary British
Bitcoin is about to enter its ‘third phase’ of global adoption, according to Adam Back, the CEO of Blockstream. In an interview this week (as tracked by Wu Blockchain), the legendary British cryptographer said BTC is preparing to enter this new growth phase. He termed it the ‘third phase’ of international adoption.
As per the CEO’s revelation, Bitcoin is entering a new phase of adoption. The executive indicated that the asset has had two stages of adoption. The first phase ran from 2011 to 2019. During this period, the decentralized currency attracted individuals to buy it and miners to mine it. During this time, BTC’s price surpassed $1 and later reached hundreds of dollars.
The second phase has been an institutional era from 2020 to the present. Institutional interest increased massively during this period, and BTC surged to a record $69,000 in November 2021, then climbed above $100,000 in August 2025. Institutional participation grew as ETFs validated Bitcoin’s legitimacy and made it easier for traditional investors to access.
In the podcast, Back said that the flagship cryptocurrency is on the verge of entering its ‘third wave’ of global adoption. According to the CEO, this period is unique and different from other phases. In this evolving era, traditional banks and other recognized investment institutions are preparing to further drive global Bitcoin adoption, the executive said.
As Back noted, the ‘third phase’ of institutional Bitcoin adoption is primed to be fueled by major investment banks and professional asset management channels, whose participation has yet to fully materialize.
The CEO revealed that some major investment banks have recommended a 2%-4% Bitcoin allocation in their model portfolios. Many mutual funds, pension funds, and insurance products now allow customers to gain indirect exposure to Bitcoin through their investment vehicles. In addition, Bitcoin treasury companies increasingly play this role.
Through this expanding third wave of adoption, Back believes that Bitcoin will be bought by the “world’s largest pools of capital.” He predicts that BTC will reach parity with Gold this cycle at a valuation of $1.5 million per coin.
