News 
May 16, 2025 
5 min. 
Adam Back, a legendary cryptographer and CEO of Blockstream, believes Bitcoin is currently trading well below its true potential. According to Back, the world’s leading cryptocurrency could skyrocket to somewhere between $500,000 and $1 million during this market cycle.
Speaking to Decrypt, Back expressed surprise at Bitcoin’s price holding around $103,300, especially considering the surge in institutional adoption and the wave of transformative developments sweeping the crypto industry.
Even though Bitcoin is trading just shy of its previous all-time high near $109,000, Back believes the market hasn’t yet priced in the full extent of the bullish momentum.
“This cycle might be explosive,” he noted. “With everything aligning, I could see Bitcoin reaching half a million to a million dollars.”
Adam Back Believes Bitcoin’s Bull Run Has Only Just Begun
Renowned cryptographer and Blockstream CEO Adam Back believes we’re still in the early innings of Bitcoin’s current four-year market cycle. He says the cycle often stretches out over time, building momentum gradually before explosive growth.
Back attributes much of the upcoming potential to a perfect storm of bullish catalysts. Chief among them is the historic approval of spot Bitcoin ETFs in the U.S., which have already attracted over $41 billion in net inflows. These financial products, launched by major players like BlackRock and Fidelity, have lowered the barrier for traditional investors to gain Bitcoin exposure without directly holding the asset.
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Another key factor, according to Back, is the evolving U.S. political landscape. He pointed to a more supportive stance on crypto under former President Donald Trump, noting that pro-innovation policies are fostering broader adoption across the financial sector.
Back emphasized that retail and institutional money often flows in after Bitcoin starts moving upward. “Once a new all-time high is breached, prices can accelerate fast,” he explained, highlighting how investor psychology and momentum tend to amplify gains.
A pioneer in the space, Back holds a Ph.D. in distributed systems and is the inventor of Hashcash, the proof-of-work algorithm that laid the groundwork for Bitcoin mining. He was also among the rare few who corresponded directly with Satoshi Nakamoto in Bitcoin’s early days.
Today, Back’s company Blockstream continues to build foundational Bitcoin infrastructure, including secure wallets and blockchain tools.
His bullish outlook stems not from hype but from deep technical insight and years of firsthand involvement. Though the timing remains unclear, Back believes Bitcoin is just getting started on its next historic surge.
Michael Saylor Reveals What’s Really Holding Bitcoin Below $150K
Bitcoin’s struggle to break above the $150,000 level isn’t due to a lack of momentum, but rather a shift in investor psychology, according to Michael Saylor, founder of Strategy.
During a May 9 appearance on the Coin Stories podcast with Natalie Brunell, Saylor explained that the market is undergoing a natural rotation. Short-term holders, he said, are offloading their positions, creating temporary price pressure, while more serious, long-term investors are gradually absorbing supply.
“Much of the Bitcoin supply ended up controlled by entities like governments, lawyers, and bankruptcy courts,” Saylor pointed out. “These aren’t long-term players. They’re selling into strength without a decade-long vision.”
According to Saylor, Bitcoin is now being redistributed into stronger hands: institutional investors, ETF participants, and corporate treasuries who see BTC as a long-term store of value.
The asset hit an all-time high of $109,000 in late January, shortly before Donald Trump’s inauguration. It later corrected to $76,273 in early April. Despite the volatility, Saylor remains optimistic that the transition of ownership to more committed holders will lay the groundwork for the next major rally.
