Adam Back, CEO at Blockstream, whom Satoshi Nakamoto corresponded when making Bitcoin, has expressed an ultra-bearish view on BTC’s main rival, gold.
This bearish forecast was made as news came out about an asteroid approaching Earth with a mammoth amount of gold in it. Back commented on his former colleague, Samson Mow's, tweet about this asteroid and the world’s largest cryptocurrency, Bitcoin.
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Gold to crash, Adam Back claims, if this happens
JAN3 CEO Samson Mow, drew the community’s attention to the fact that the Psyche 16 asteroid that is approaching the earth allegedly contains a staggering amount of gold valued at approximately $700 quintillion. The tweet cited by Mow claims: “That's enough to make everyone on Earth billionaires.”
Mow opposed that tweet, stating: “There is zero Bitcoin on Psyche 16,” emphasizing the fact that unlike gold, whose supply can always be expanded greatly, as in this potential case, Bitcoin’s hard cap remains limited to just 21 million coins. Besides, the mining of Bitcoin gets reduced every four years thanks to regular programmed halvings, when block rewards get cut by half. The most recent one took place on April 20 last year, when miners’ rewards dropped from 6.25 BTC to 3.125 BTC.
also mining Psyche 16, won't make everyone on earth billionaires, because the glut of gold would cause the gold price to crash.
— Adam Back (@adam3us) July 7, 2025
Adam Back commented on Mow’s tweet, reminding the community that making everyone billionaires will not take place since a massive inflow of gold would devalue gold, making its price collapse: “The glut of gold would cause the gold price to crash.”
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Bitcoin price jumps on Musk's statement
Earlier today, tech mogul Elon Musk made a statement that ignited the global Bitcoin community. It followed several tweets, in which Musk stated he intended to set up a new political “America Party” in an attempt to prevent excessive government spending in the near future and cut the national debt.
This was Musk’s reaction to the passing of Trump’s “Big Beautiful Bill,” which allows for the debt to increase by several trillion dollars in the next few years. When Musk was asked today whether his new party — which would change the two-party system in the U.S. — would embrace Bitcoin, the billionaire criticized the U.S. dollar: “Fiat is hopeless, so yes.”
221 million people follow Elon here. This is his view on embracing Bitcoin. We’re entering the mainstream era — https://t.co/kuCfWdutXh
— Hunter Horsley (@HHorsley) July 7, 2025
Bitwise CEO Hunter Horsley commented that Bitcoin is now exposed to 221 million of Musk’s followers, and “We’re entering the mainstream era.”
