# Adam Back Says Pension Funds Are Bitcoin’s Next Adoption Phase By Sonny Jang Canonical URL: https://www.tokenpost.com/news/people/46683 Published: 2026-11-02T17:24:54.000Z Updated: 2026-11-02T17:24:54.000Z Section: People > He placed managed funds and model portfolios after individual buyers and exchange-traded funds, while the discussion also covered Swiss banks’ custody interests. Blockstream CEO Adam Back described pension funds, managed funds and model portfolios as Bitcoin’s next adoption phase, framing their participation as a step beyond individual buyers and exchange-traded funds. In a video discussion published Monday, Back said broader involvement from professionally managed portfolios remains ahead. He has also cited institutional participation and spot ETFs in [an earlier long-term outlook for Bitcoin](). The discussion described Swiss banks as preparing for the next phase of adoption. A separate segment addressed their interest in quantum-safe Bitcoin custody. Other subjects included tokenized money market funds and stablecoins, as well as tokenized shares on Liquid and Blockstream AMP. Back also discussed institutional questions about regulation, Basel rules and the cost of holding Bitcoin, along with whether institutions should keep assets in-house or use an outside custodian. ## Links in this article - [an earlier long-term outlook for Bitcoin](https://www.tokenpost.com/news/people/23298)