Back Says Efficient Markets Price Altcoins Towards Zero, Urges Investors to Buy BTC

Blockstream CEO Adam Back is advising crypto investors to buy Bitcoin and hold onto it, citing efficient markets finally pricing 'memecoins', smart contract tokens, and other 'air tokens' towards zero.

In a series of posts on X, Back, the inventor of Hashcash and one of Bitcoin's most outspoken maximalists, made his case for buying Bitcoin and holding onto it. He noted that efficient markets are finally valuing alternative coins near zero, which he attributes to three key absences: no cash flows for holders, no meaningful blockspace demand, and no durable advantage over rivals.

'Buy bitcoin, hodl, repeat,' Back told his followers. His argument is based on the idea that without these traits, there is no rational basis for a price above zero.