Bitcoin $1 million possible… Adam Back bets on reaching it in late 2028

Adam Back said in a CNBC "Closing Bell" interview that he has personally bet bitcoin will surpass $1 million before the current cycle ends in late 2028. The remark, published in a clip released at 7:36 a.m. KST on the 12th, reflects Back's personal view rather than a firm forecast, and the interview offered no valuation methodology or probability for hitting the target. The call implies roughly a 10x gain from current levels, though the article did not specify the bitcoin price referenced. Back's thesis rests on demand from mutual funds, professionally managed capital and asset managers such as BlackRock building bitcoin exposure. Watch whether institutional inflows and BlackRock's model-portfolio allocations accelerate into the late-2028 window Back identifies as the cycle's end.