# Adam Back Says Insurers Will Begin Passive Bitcoin Allocations By Sonny Jang Canonical URL: https://www.tokenpost.com/news/people/52110 Published: 2026-11-09T06:38:49.000Z Updated: 2026-11-09T06:38:49.000Z Section: People > He grouped insurance companies with mutual funds and pension funds in what he described as Bitcoin’s third adoption phase. Blockstream CEO Adam Back said insurers will begin passively allocating to Bitcoin (BTC), alongside mutual funds and pension funds, as part of what he described as a third phase of adoption. Back also said large investment banks will recommend Bitcoin allocations of 2% to 4%. The remarks revisit [Back’s description of pension funds as a Bitcoin adoption phase](), which also covered managed funds and model portfolios. The comments appeared in a video post dated Nov. 7. ## Links in this article - [Back’s description of pension funds as a Bitcoin adoption phase](https://www.tokenpost.com/news/people/46683)