Blockstream CEO Adam Back (@adam3us) says Bitcoin ($BTC) could reach $1 million by 2028, arguing that institutional adoption still has substantial room to expand. Speaking on CNBC’s Closing Bell Overtime on Wednesday, Back said mutual funds, wealth managers and model portfolios could direct much larger pools of money into Bitcoin over the coming years. He estimated that 95% or more of potential institutional adoption remains ahead. Back characterized the market as being in the early stages of a new bull cycle. His argument rests partly on Bitcoin’s roughly four-year halving pattern and the distinction between comparing today’s recovery with a previous cycle’s peak. He pointed to a 200-week moving average near $67,000 at the time of the interview. That measure smooths years of price history, and Back expects it to rise as newer, higher prices enter the calculation. Back also described Bitcoin as an improved version of gold, emphasizing its scarcity and the ease of transferring and trading it. He suggested that recent connections between Bitcoin and technology stocks may become less important over time. The $1 million figure is Back’s forecast and personal bet, not an established outcome. His thesis depends on large institutional allocations materializing and investors continuing to value Bitcoin’s limited supply despite volatility, competing assets and the uncertain timing of demand.