Adam Back Doubles Down on Bitcoin: 'Buy, Hold, Repeat'

Blockstream's Adam Back is urging investors to buy Bitcoin and hold it, citing the efficient market hypothesis as evidence that alternative coins are overvalued. According to Back, 'air tokens' such as memecoins and smart contract tokens lack fundamental value, drawing no meaningful blockspace demand or cash flows.

Back argues that without these essential traits, there is no rational basis for a price above zero. He attributes this reasoning to the efficient market hypothesis, which he believes will ultimately price alternative coins near zero.

The Blockstream CEO made his case in posts on X across May 23 and 24, reiterating his long-held stance that Bitcoin stands apart as genuinely scarce and decentralized.