Adam Back, co-founder and CEO of Blockstream, believes the current price of Bitcoin doesn’t reflect its momentum. In an interview with Decrypt, he argues that recent institutional demand, ETF inflows, and macro shifts are driving this upward trend. He cites the US SEC approval of Bitcoin ETFs as a major catalyst for increased capital flow into the market. Back notes that these ETFs are making Bitcoin accessible to traditional investors through easy brokerage access, creating a favorable environment for significant price increases. The April 2024 halving further supports his prediction by reducing the block reward and increasing scarcity, which historically precedes substantial price jumps within the next 12-18 months. Back acknowledges that this cycle is more favorable than previous ones due to increased demand from institutional investors, readily available access through traditional brokerage platforms, and a structural shift in the Bitcoin market.