Adam Back, a prominent figure in the Bitcoin community and CEO of Blockstream, believes that Bitcoin is significantly undervalued and could surge to between $500,000 and $1 million per coin during the current market cycle.
In a recent interview with Decrypt, Back expressed surprise at Bitcoin’s current price level (hovering around $103,300) given the surge in institutional interest and major developments in the crypto landscape.
Despite being just 5% below its all-time high of nearly $109,000, Back argued the price does not yet reflect the full scope of bullish momentum building behind the asset.
“I’m thinking this cycle could get quite high,” he said. “So I was thinking $500,000 to $1 million, because there’s a lot going on.”
Adam Back: We’re Still Early in Bitcoin’s Four-Year Cycle
Back noted that the four-year cycle in Bitcoin’s price action tends to stretch over time, and we’re still early in this one.
He pointed to key catalysts including the U.S. approval of spot Bitcoin exchange-traded funds (ETFs), which have already drawn in more than $41 billion in net inflows.
These products, offered by financial giants like BlackRock and Fidelity, have opened the door to a new wave of investors—particularly those who were previously hesitant to directly hold cryptocurrency.
He also cited a more crypto-friendly political climate in the U.S., specifically under President Donald Trump’s administration, which has embraced digital asset innovation more openly than in previous years.
According to Back, much of the investor capital tends to arrive after prices begin to rise.
“I think if you get a new all-time high, it could quickly become a lot higher,” he said, emphasizing that momentum and retail psychology often fuel further gains.
Back, who earned his Ph.D. in distributed systems and invented Hashcash—a proof-of-work system that inspired Bitcoin’s mining model—was also among the few to communicate directly with Bitcoin’s anonymous creator, Satoshi Nakamoto, in 2008.
His company, Blockstream, develops Bitcoin infrastructure including wallets and blockchain-based applications.
Given his long-standing involvement in Bitcoin’s development, Back’s price prediction reflects growing confidence in the digital asset’s role in the global financial system.
And while the timeline for reaching such lofty price targets remains uncertain, he remains convinced that Bitcoin is only beginning its next leg upward.
Saylor Says Bitcoin Stalled Below $150K on Weak Hands
Bitcoin’s recent price stagnation below the $150,000 mark can be attributed to short-term holders exiting the market, according to Michael Saylor, founder of Strategy.
Speaking on the Coin Stories podcast with Natalie Brunell on May 9, Saylor explained that a market rotation is underway, with non-long-term holders cashing out and a new wave of committed investors entering.
“A lot of Bitcoin, for whatever reason, was left in the hands of governments, lawyers, and bankruptcy trustees,” Saylor noted.
“These parties don’t have a 10-year mindset and are seizing the rally as an opportunity to liquidate.”
He added that Bitcoin is now finding its way into the hands of institutions and investors with a longer time horizon, particularly through spot Bitcoin ETFs and corporate treasury strategies.
After hitting a record high of $109,000 on Jan. 20, just before Donald Trump’s inauguration, Bitcoin dropped as low as $76,273 in early April.
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