Adam Back Expects Bitcoin Above $1 Million by 2028

Adam Back, co-founder and CEO of Blockstream, a developer of Bitcoin infrastructure, stated in an interview with CNBC on November 11, 2026, that he believes the main wave of institutional demand for Bitcoin (BTC) is yet to come. He estimates the potential demand share in the coming years to be more than 95%, emphasizing that this is a personal assumption rather than a measured indicator.

Back anticipates demand through investment funds

He named mutual funds and model portfolios of management companies, including BlackRock, one of the largest asset managers, as possible sources of capital inflow. Such products allow investments in Bitcoin through professional managers.

Back urged caution in evaluating fund flows in spot exchange-traded funds (ETF). According to him, some operations are related to basis trading—using the price difference between cash and futures markets—rather than long-term investor decisions. From November 2 to 6, U.S. spot Bitcoin ETFs recorded a net outflow of $1.28 billion.

Back bets on Bitcoin above $1 million

“I bet that Bitcoin will exceed one million dollars by the end of the cycle,” Back said. He anticipates the cycle to end in 2028. He compared the asset to digital gold due to its limited supply. At the time of the interview, the 200-week moving average was around $67,000.

Forecasts from other companies are calculated for different timeframes. VanEck allows for a price of about $3 million by 2050 with the expansion of Bitcoin's use in global trade, Bitwise expects $1.6 million by 2036, and JPMorgan Asset Management forecasts an average annual return of about 10% in the next decade.

Back also noted that the development of AI may pose risks to crypto exchanges and online services, but not necessarily to the Bitcoin protocol itself. His price forecast remains a personal assessment, not a confirmed scenario.