Adam Back Predicts Bitcoin Price Will Hit $1 Million in 2028

Renowned cypherpunk and Blockstream founder Adam Back, who has spoken with the creator of the first cryptocurrency, Satoshi Nakamoto, has announced a long-term bullish scenario for Bitcoin.

In his opinion, the BTC rate could reach $500,000–$1 million by 2028, which is due to fundamental changes in the economy of the blockchain industry.

“I don’t see any logical reason to be stuck at $100,000. It’s not that much anymore, considering how things have changed in recent years,” he said in an interview with The Block.

Back reminded that Bitcoin follows a four-year cycle that starts after each halving, the last of which occurred in April 2024. He believes that the current cycle has not yet reached its peak, and the emergence of ETFs, government investments and increased demand from major players will provide strong support for the price.

"There's a lot going on. Institutional funds are buying. I think this cycle is going to exceed the last one and we're going to see new highs," Beck said, adding that $100,000 is just the beginning.

Back points to key factors that could accelerate the price move: increased access via ETFs in the U.S. and elsewhere; government investment, including plans from Kazakhstan, New Hampshire and other jurisdictions; reduced supply following the halving and increased accumulation by miners; and sustained interest from corporations and family offices.

"A high price in itself will not scare off investors. On the contrary, it will be a signal that it is necessary to enter the market before others," he is sure.

Earlier, Binance founder Changpeng Zhao (CZ) shared an optimistic forecast regarding the future of Bitcoin in an interview with Farokh Radio.