According to CoinMeta, Blockstream CEO Adam Back stated in an interview with Bitcoin Magazine that the first two waves of Bitcoin adoption were driven by individual mining and buying of coins, while the third wave will be expanded through professional asset management channels, although it has not yet fully arrived. He mentioned that some large investment banks have already recommended allocating 2% to 4% of their portfolios to Bitcoin, and more people will gain exposure indirectly through mutual funds, pension funds, and insurance products. Bitcoin treasury companies are also part of this trend.