 
 
Adam Back, the founder and chief executive of Blockstream, told multiple outlets this year that Bitcoin’s current valuation understates the asset’s potential.
He said $100,000 is “way too cheap” and put a range of $500,000 to $1 million on a cycle peak. Those remarks link higher price targets to institutional flows, ETF adoption, and constrained supply dynamics.
Adam Back is a long-standing figure in the crypto community and the CEO of Blockstream. He made public comments projecting $500k–$1M in interviews and panel appearances across spring and early summer 2025.
Bitcoin Market snapshot and arithmetic
Bitcoin traded around $115,000 on Sept. 15, 2025. CoinMarketCap reported a circulating supply of approximately 19.92 million BTC and a live market capitalization of $2.3 trillion.
Using those figures, a $500,000 Bitcoin implies a market value of nearly $9.96 trillion. A $1 million price means about $19.92 trillion.
 
Spot-BTC ETFs have shown material inflows since approval. Industry coverage in 2025 tracked multi-billion dollar cumulative flows into U.S. spot ETFs, which researchers and commentators say have tightened exchange inventories.
Media summaries and market trackers documented daily and weekly net inflows through spring and summer 2025. Institutional disclosures and corporate filings in 2025 also recorded selective treasury buys and allocations to ETF-like products.
The range is a conditional valuation, not an immediate guaranteed outcome. The math is straightforward. Multiply the circulating supply by the price to get the market cap. At 19.92 million BTC, every $1 of price equals about $19.92 million of market value.
Thus, the scale of required capital is large. Reaching $500k requires nearly $7-10 trillion in market value. Reaching $1M requires about $19-20 trillion. Those totals far exceed current ETF and institutional flows combined, and thus would require sustained, large net new demand over months.
Historical context and precedent cited by Back
Back and other market commentators point to prior cycles and event-driven inflows as precedent for rapid price expansion.
Adam Back publicly projected a $500,000–$1,000,000 range for Bitcoin within the current cycle and described ETF inflows, institutional allocations, and limited supply as the levers that could support such levels.
Those remarks appeared in reputable cryptocurrency press and industry outlets in spring–summer 2025. The arithmetic shows the implied market caps would reach roughly $10 trillion to $20 trillion, requiring sustained, large net new demand.
Source: https://zycrypto.com/100000-is-way-too-cheap-adam-backs-massive-bitcoin-projection-to-1-million/