Adam Back, a key figure in the Bitcoin ecosystem and CEO of Blockstream, has voiced his belief that Bitcoin remains significantly undervalued. He predicts that the cryptocurrency could reach values between $500,000 and $1 million per coin in the course of the current market cycle.
In a recent conversation with Decrypt, Back expressed astonishment at Bitcoin’s current valuation, which is approximately $103,300. This comes in light of the increasing institutional interest and substantial advancements in the cryptocurrency sector.
Despite being merely 5% shy of its historic peak of nearly $109,000, Back contends that the current pricing does not adequately capture the growing bullish sentiment surrounding the digital asset.
“I believe this cycle has the potential to peak quite high,” Back noted. “So my estimation is between $500,000 and $1 million, especially considering the numerous developments taking place.”
Adam Back: The Bitcoin Four-Year Cycle is Still in Its Early Stages
Back highlighted that Bitcoin’s four-year price cycle usually experiences variations in duration, indicating that we are still at the early stages of the current one.
He cited several key drivers, including the recent U.S. approval of spot Bitcoin exchange-traded funds (ETFs), which have amassed over $41 billion in net inflows.
These financial products, launched by major firms such as BlackRock and Fidelity, are attracting a new demographic of investors, especially those who have previously been hesitant about directly owning cryptocurrency.
Additionally, he pointed out a shift toward a more crypto-friendly political climate in the U.S., particularly during the administration of former President Donald Trump, which has been more accepting of innovations in digital assets compared to past years.
According to Back, significant capital often flows into the market after prices begin to rise.
“I believe that achieving a new all-time high could lead to prices soaring even higher,” he remarked, underscoring how momentum and retail investor psychology can drive further appreciation.
BULLISH: Adam Back says “$100,000 is way too cheap” and that Bitcoin gets between “$500,000 and $1 Million during this cycle.” pic.twitter.com/7oy5haOTbn
— Simply Bitcoin (@SimplyBitcoinTV) April 24, 2025
Having earned his Ph.D. in distributed systems and being the inventor of Hashcash—a proof-of-work system that laid the groundwork for Bitcoin’s mining architecture—Back has also maintained direct communication with Bitcoin’s enigmatic creator, Satoshi Nakamoto, back in 2008.
Blockstream, the company he leads, focuses on developing Bitcoin-related infrastructure, including wallets and applications based on blockchain technology.
Given his extensive experience in the advancements of Bitcoin, Back’s optimistic price predictions signal heightened confidence in the cryptocurrency’s place within the broader financial framework.
While the timeline for achieving such ambitious price objectives is uncertain, Back remains steadfast in his belief that Bitcoin is on the verge of a substantial upward trajectory.
Saylor Highlights Bitcoin’s Pause at $150K Due to Short-Term Holders
Bitcoin’s recent stagnation below the $150,000 threshold has been linked to the exit of short-term holders from the market, according to Michael Saylor, founder of the firm Strategy.
During a discussion on the Coin Stories podcast with Natalie Brunell on May 9, Saylor explained the ongoing market rotation, where non-long-term holders are cashing out while a new wave of dedicated investors are making their entrance.
“A considerable amount of Bitcoin has, for various reasons, fallen into the hands of governments, legal professionals, and bankruptcy trustees,” Saylor commented.
“These entities lack a long-term perspective and see the rally as a chance to liquidate.”
Saylor further noted that Bitcoin is gradually being transferred to institutions and investors who adopt a longer time horizon, mostly through spot Bitcoin ETFs and corporate treasury strategies.
After reaching an unprecedented high of $109,000 on January 20—just ahead of Trump’s inauguration—Bitcoin experienced a drop to as low as $76,273 in early April.
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