Bitcoin to $1 Million by 2028? Blockstream CEO Adam Back Says Yes

Bitcoin (CRYPTO: BTC) could reach $1 million before the end of the current halving cycle in mid-2028 as institutional adoption is likely to fuel its next major rally, according to Blockstream co-founder and CEO Adam Back.

He expects a larger wave of capital into Bitcoin as mutual funds, wealth-management portfolios and institutional investors increase their exposure.

Speaking on CNBC’s Closing Bell Overtime on Wednesday, Back estimated that 95% or more of potential institutional adoption remains ahead.

He argued that these investment channels could eventually bring substantial new capital.

Back added that Bitcoin’s recent correlation with the Nasdaq appears largely short-term, expecting the cryptocurrency to decouple further over time.

Why Back Sees This as ‘Early Innings of a Bull Market’

Back argued that Bitcoin remains in the early stages of a new bull market despite recent volatility and is struggling to move significantly above its 2021 peak.

He pointed to Bitcoin’s 200-week moving average near $67,000, describing it as a long-term indicator of the cryptocurrency’s underlying growth.

The moving average should continue rising, as higher historical prices enter its calculation.

"I think we’re in the early innings of a bull market cycle," Back said.

Bitcoin first reached $69,000 five years ago but is now trading in the low $70,000s, despite rising inflation and gains in traditional stock markets.

Back argued that the comparison overlooks Bitcoin’s historical four-year market cycles, which broadly align with its halving events.

He noted that Bitcoin’s price in 2021 marked the peak of a previous cycle, while it is now emerging from a market bottom.

Is Bitcoin Still a Better Version of Gold?

Back described Bitcoin as an improved form of gold, citing its mathematically enforced scarcity and advantages over physical gold.

He believes Bitcoin’s long-term investment case remains intact despite its recent underperformance relative to equities.

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