- Adam Back argues that altcoins lack long-term value, likening them to prepaid credits rather than investments.
- Bitcoin’s digital scarcity and robustness make it uniquely viable among cryptocurrencies, according to Back.
- Historical failures of altcoins reinforce Back’s belief in Bitcoin’s sole relevance over the long run.
Adam Back, CEO of Blockstream and Bitcoin pioneer, remains firmly opposed to altcoins, asserting they are all destined to lose their value. When asked about his preferred altcoins, he said, “None of them. I’ve never owned one. They are all going to zero”.
He based this view on Bitcoin’s built-in scarcity, contrasting it with the ever-growing list of altcoins and memecoins, which he said undermines claims of rarity. According to Back, the utility of altcoins does not justify investment, likening them to prepaid services such as bandwidth credits, which serve a function but do not qualify as capital goods.
Altcoins are the same: so-called utility coins or gas. It makes no sense to invest in such things.
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Corporates Shift Focus from Altcoins
At the Bitcoin 2025 conference in Las Vegas, Back also addressed the shifting landscape of institutional investment. He pointed out that more corporations are holding Bitcoin and moving away from altcoin exposure, suggesting a strategic pivot towards Bitcoin as a treasury asset.
He emphasised Bitcoin’s durability and flexibility, stating it can adopt valuable innovations without compromising its integrity. He described Bitcoin as a modern equivalent of gold with technological capacity.
Bitcoin can integrate any truly relevant technology. It’s just very difficult to improve, robustly, and securely, and that’s ultimately what matters.
Adam Back, Bitcoin Pioneer and CEO of Blockstream Back cast doubt on the future of altcoins, recalling how many coins hailed as the future in 2017, such as IOTA, Dash, and NEM, have since seen major drops in market capitalisation and trade volume. Despite recent success stories among some altcoins, Back argued that only Bitcoin will maintain historical and financial relevance.
He encouraged observers to re-evaluate altcoin viability in ten years, expecting most to fade away while Bitcoin remains dominant.
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