Blockstream CEO Adam Back, who was mentioned in the Bitcoin whitepaper, has announced that he has taken measures to prevent Bitcoin from crashing close to zero.
He says that should it happen, he will buy all the 21 million of Bitcoins at a ridiculously low price.
Commenting on a recent tweet issued by Michael Saylor, Bitcoin bull and Strategy’s executive chairman, who said Bitcoin was going to $1 million per unit, Back stated that he did his best to prevent a deep BTC crash. What Back did was place a limit order on the Bitfinex exchange to buy all Bitcoin he can reach should it crash to 2 cents.
He did that, apparently, to outbid investor and venture capitalist Alistair Milne who placed a similar order but on Bitcoin crashing to 1 cent. However, as Back clarified in the comments, he and Milne placed those bids in 2020, and Back cancelled it and “used the liquidity to buy BTC.”
Even if Bitcoin indeed crashed, buying the whole BTC supply is a mere joke since about 2 million BTC remains unlocked still and the majority of the 19 million BTC that have already been mined are held in cold storage wallets or by Bitcoin spot ETFs and by Bitcoin treasury companies, such as Saylor’s Strategy mentioned above. This company currently owns 582,000 BTC worth more than $61 billion in total.
After the bellwether cryptocurrency, BTC, plunged on Friday, losing roughly 4.33% and falling from above $108,000 to the $103,000 zone, Bitcoin rapidly went up, adding 2.35%. Currently, digital gold is changing hands slightly above $105,000.
Saylor tweeted that “If it's not going to zero, it's going to a million,” referring to Bitcoin and triggering a wave of positive comments from the crypto community, including that of Adam Back described above.
In one of his recent interviews, Saylor said that he expects no Bitcoin sellers to be left once large-capital companies step in to accumulate BTC. This is already happening not only thanks to Strategy but also thanks to spot Bitcoin ETFs (BlackRock, Fidelity, Bitwise, Grayscale and others) who have been accumulating BTC every week since their launch in January 2024.
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