Adam Back Vows to Buy All Bitcoin at $0.02 — But There’s a Catch

Adam Back, CEO of Blockstream and an early figure in Bitcoin’s history, claims he once placed a limit order to buy all 21 million Bitcoins at $0.02 — just in case BTC ever crashed to near-zero.

Responding to a tweet by Bitcoin bull Michael Saylor predicting BTC would hit $1 million, Back said:

> “It’s not going to zero — I have a limit order at 2c/BTC for 21M BTC.”

Back’s order was a playful move to outbid venture capitalist Alistair Milne, who had a $0.01 bid in 2020. However, Back later canceled the order due to FOMO and used the funds to buy BTC instead.

Of course, buying the entire Bitcoin supply isn’t really possible. About 2 million BTC are yet to be mined, and most of the circulating 19 million are locked in cold storage, ETFs, or corporate treasuries — including Saylor’s company, Strategy, which holds over 582,000 BTC.

After BTC dipped from $108K to $103K and rebounded to $105K, Saylor reiterated:

> “If it’s not going to zero, it’s going to a million.”

His confidence reflects ongoing institutional accumulation of BTC, especially through spot ETFs launched in early 2024.

Back’s joke underscores a larger point: Bitcoin's demand — especially during dips — remains strong among true believers.

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