Bitcoin to $1 Million by 2028? Blockstream CEO Adam Back Says Yes Bitcoin to $1 Million by 2028? Blockstream CEO Adam Back Says Yes Khyathi Dalal Sat, November 14, 2026 at 2:00 PM EST 4 min read BTC-USD -4.82% ^IXIC -0.91% BTC/USD Trade BTC on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Bitcoin 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.
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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.
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.
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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.
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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