Adam Back, CEO of Blockstream, says efficient markets are finally repricing memecoins, smart contract tokens, and other “air tokens,” and argues that most of these assets have never had any real basis for their valuations.
Back is the inventor of Hashcash and one of Bitcoin’s most outspoken extremists. He’s held this view for years. He noted that his surprise was not that the patch arrived, but rather that it took so long.
No cash flow, no demand, no moat
Back presented his case in posts on X On May 23 and 24, 2026.
Buy Bitcoin, Hodle, Repeat. I would expect the efficient market hypothesis to start with substitutes and price them at $0. But I’ve been making this decision for a decade, so I’m very surprised that it took this long for an efficient market to catch up with air tokens, altcoins, memecoins, etc.
His argument is based on three absences. The tokens it targets do not generate any cash flows for their holders and do not attract any significant demand for block space. They do not have sustainable competitive advantages over alternatives. He asserts that without any of these things, there is no rational basis for a price higher than zero.
In the Back frame, the process is already underway. He’s been making this call since at least the last market cycle. The current repricing is a correction of what was always considered an inevitable outcome.
The surrounding market context confirms his point. Bitcoin (Bitcoin) has decreased to a Low prices for four weeks After postponing the vote on the Clarity Law. The asset then rebounded sharply after The end of the US-Iranian war It sparked a massive rally. like Cryptocurrency overview for this week As it shows, altcoins have failed to sustain any meaningful gains from the same catalyst. Bitcoin has absorbed the macro tailwind. Most alternatives did not.
Bitcoin is the logical conclusion
A diagnosis of PAC leads directly to a single prescription. If most tokens trade above their fundamental value, Bitcoin stands out as the asset he sees as truly rare and decentralized. His instructions remain the same: buy bitcoin, hold it, repeat.
The argument ties into a broader pattern in how Back interacts with Bitcoin critics. Earlier this week, he reversed his position Cuban Bitcoin Performance Claims After the billionaire sold most of his property. Back defends Bitcoin with data and has done so across multiple market cycles.
Whether the altcoin repricing he describes continues toward zero or finds a floor somewhere above remains open. His position on where the value lies has not changed.
this post Buy, Hodl, Repeat: Adam Back gives a clear recommendation on Bitcoin appeared first on BeInCrypto.
