Bitcoin Outperforms Altcoins as Adam Back Predicts 'Air Tokens' to Zero

Adam Back, Blockstream's CEO and inventor of Hashcash, has repeated his call for crypto investors to buy Bitcoin (BTC) and hold onto it. In recent posts on X, he argued that the efficient market hypothesis is finally pricing memecoins, smart contract tokens, and other 'air tokens' towards zero.

According to Back, these tokens lack several essential traits: they produce no cash flows for holders, draw no meaningful blockspace demand, and hold no durable advantage over rivals. Without these characteristics, he claims there is no rational basis for a price above zero.

This view has some recent backing from the market, where Bitcoin rebounded sharply after a delayed Clarity Act vote, while most altcoins failed to hold any gains. Back has been making this call since the previous market cycle and attributes it to the fundamental differences between Bitcoin and other tokens.