$BTC
Adam Back Places Symbolic Bid to Prevent Bitcoin Collapse
Adam Back, CEO of Blockstream and a figure referenced in the original Bitcoin whitepaper, has made headlines by revealing a symbolic gesture aimed at protecting Bitcoin’s perceived floor value. In response to a tweet by Bitcoin advocate Michael Saylor—who reiterated his belief that Bitcoin is on track to reach $1 million—Back disclosed that he once placed a limit order to buy the entire Bitcoin supply at $0.02 per coin.
Back stated:
“Bitcoin is not going to zero—as I have a live limit order at $0.02 for 21 million BTC on Bitfinex.”
This move was a tongue-in-cheek response to venture capitalist Alistair Milne, who previously placed a similar $0.01 bid. Back’s intention was to outbid Milne and illustrate his long-term confidence in Bitcoin.
He later clarified that the order was placed during 2020 and eventually cancelled due to FOMO (fear of missing out), with the liquidity instead used to purchase Bitcoin at market prices.
While the idea of acquiring all 21 million BTC at such a low price is not feasible—given that nearly 2 million coins remain unmined and a large portion of existing supply is held in cold storage, ETFs, or corporate treasuries such as MicroStrategy—the gesture underscores Back’s belief in Bitcoin’s resilience.
Following a brief market dip, where Bitcoin fell approximately 4.3% to around $103,000, the cryptocurrency rebounded to over $105,000. Saylor reiterated his conviction, stating:
“If it’s not going to zero, it’s going to a million.”
Back’s playful but telling move, along with continued institutional accumulation via spot Bitcoin ETFs, reflects growing confidence in Bitcoin’s long-term trajectory.