Adam Back (아담 백), co-founder and CEO of Blockstream, forecast that bitcoin could reach $1 million by 2028. He made the remarks in an interview with CNBC in the United States on Nov. 12 local time, CoinPost, a Japanese cryptocurrency outlet, reported on Nov. 14.

Bitcoin was about $69,000 as of Nov. 13, making $1 million roughly 14 times the current level. Back said the trend of buying bitcoin for investment trusts, asset-management portfolios and corporate treasury assets is only just beginning. He estimated that more than 95 percent of potential institutional inflows remains. His argument is that prices rise sharply if institutional money keeps flowing into bitcoin, which has a fixed supply.

He also cited the bitcoin halving, which cuts mining rewards in half about every four years, and is scheduled for spring 2028. He said some miners are shifting computing resources to AI businesses, reducing selling by mining firms.

If bitcoin reaches $1 million, its market value would be $20.11 trillion. That would be about 86 percent of the U.S. M2 money supply measure, which stood at $23.41 trillion as of September 2026. JPMorgan Chase presented a fair value for bitcoin of $266,000 based on a comparison with gold, far below Back's forecast.

The market is far from the forecast. Bitcoin has been in a downtrend since the record high of $126,080 set on Oct. 6, 2025. Spot bitcoin ETFs have seen outflows for five consecutive trading sessions, and companies buying bitcoin as a treasury asset are also slowing the pace of purchases.

Back said bitcoin's recent correlation with the Nasdaq is a short-term phenomenon and that the two will decouple. He said 2021 was the peak of the previous cycle and that the market is now in a phase of rising from a bottom, adding that it is at the start of a bull market.