Amidst geopolitical strains and economic unpredictability, Bitcoin has demonstrated surprising tenacity, particularly during recent challenges like Trump’s tariff announcements, as noted by Blockstream’s CEO, Adam Back.
In the short run, Bitcoin (BTC) may track alongside stocks and other risk-oriented assets; however, Back perceives a divergent narrative in the long-term trajectory.
“Bitcoin is completely decoupled since it’s risen five to six times from the market’s low point three years ago,” he mentioned in a special conversation at Paris Blockchain Week.
As an early cypherpunk and major contributor to Bitcoin’s foundational stages, Back anticipates favorable conditions for BTC’s adoption driven by regulatory clarity, growing institutional interest, and the validating influence of exchange-traded funds (ETFs). He highlights that the majority of long-term holders are essentially “all in” and unable to capitalize on price dips, while major players like BlackRock and sovereign wealth funds are quietly acquiring Bitcoin, absorbing available supply.
The CEO also addresses the geopolitical aspect, contemplating a situation where governments might start actively seeking Bitcoin. “If the US government opts against purchasing 1 million Bitcoin over the next five years, that would grant newcomers—who now have access via brokers and ETFs—time to establish their Bitcoin holdings.”
Despite the short-term fluctuations, Back is decidedly optimistic about the mid-term outlook: “In a bullish phase, it’s typical to see several 30% declines, so I think we’re likely experiencing that now.”
Catch the entire interview on the YouTube channel — remember to subscribe for more exclusive discussions with prominent figures in the crypto realm.