Adam Back, CEO and co-founder of Blockstream, believes Bitcoin's current price is undervalued and could potentially reach between $500,000 and $1 million during this cycle. In a recent interview, he highlighted the significant influx of institutional money into the cryptocurrency space and remarked that given the historical context and current market developments, Bitcoin should be trading at a much higher price than its recent value of approximately $103,300. He pointed to the approval of spot Bitcoin ETFs in the U.S., which have attracted over $41 billion in investments, contributing to a new influx of capital from previously locked-out investors. Back noted that Bitcoin tends to rise significantly following historical halving events, and as prices increase, more investors are likely to enter the market, further driving momentum. He emphasized that the absence of a clear rationale for Bitcoin's current valuation suggests substantial upside potential as new all-time highs could lead to more robust price growth.

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