Adam Back, CEO of Blockstream and one of the earliest figures mentioned in the Bitcoin whitepaper, recently stirred the crypto community with an eye-catching statement. In response to comments on Bitcoin’s price potential, Back revealed that he once placed a limit order to buy the entire supply of Bitcoin — all 21 million $BTC — at an incredibly low price of $0.02 per coin.
Back’s statement came in response to a post by Michael Saylor, Executive Chairman of MicroStrategy and a well-known Bitcoin advocate, who reiterated his bullish prediction that Bitcoin would eventually reach $1 million per unit. To this, Back replied that Bitcoin would never fall to zero because he had placed a standing order at $0.02 per $BTC to scoop up the entire supply, jokingly “outbidding” venture capitalist Alistair Milne, who once set a similar order for $0.01 per $BTC .
”$1 million Bitcoin it is then, as it’s not going to zero as I have a limit order at 2c/BTC for 21m BTC. Outbid @alistairmilne’s 1c with 2c/BTC 21mil BTC live order on @bitfinex,” Back posted on X (formerly Twitter) on June 14, 2025.
However, Back later clarified that this massive buy order was no longer active. He originally placed it back in 2020 but eventually canceled the order to use the funds to purchase Bitcoin at higher, more realistic prices.
“Well I got FOMO after a while, cancelled and used the liquidity to buy BTC. But it was a real live order for a while during 2020,” Back explained in a follow-up post.
Why This Is Impossible in Reality
While the idea of buying all 21 million Bitcoins for a fraction of a cent is amusing, it’s practically impossible. For one, more than 2 million BTC have yet to be mined, meaning they are not available for purchase. Furthermore, a significant portion of the already-mined 19 million BTC are held tightly by long-term holders, locked away in cold wallets, or owned by institutions such as Bitcoin spot ETFs and corporate treasuries like MicroStrategy.
MicroStrategy alone holds approximately 582,000 BTC, valued at over $61 billion at current market prices. Other financial giants such as BlackRock, Fidelity, Grayscale, and Bitwise are also heavily accumulating Bitcoin through their ETFs, further reducing available market supply.
Bitcoin Price Shows Strength Despite Recent Dip
Bitcoin’s price remains strong despite short-term volatility. After dropping by 4.33% on Friday — falling from over $108,000 to around $103,000 — the leading cryptocurrency rebounded by 2.35%, now trading slightly above $105,000.
Michael Saylor remains confident in Bitcoin’s long-term trajectory, recently stating, “If it’s not going to zero, it’s going to a million.” He believes that as more large-cap institutions accumulate Bitcoin, the availability of coins for sale will shrink dramatically, driving prices even higher. This accumulation trend is already well underway thanks to the growing influence of spot Bitcoin ETFs and corporate treasuries.
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