Stacy Pereira
- Adam Back, the inventor of Hashcash, says he never owned an altcoin and that they are all going to zero.
- Back believes that altcoins lack utility and hence don’t possess the investability factor.
- Public companies now hold roughly 4% of BTC’s total supply.
Cypherpunk legend and Blockstream’s CEO Adam Back, recently tweeted a stark verdict regarding owning altcoins, stating, “None of them. Never owned one. They’re all going to zero.” Back was responding to a CoinTelegraph tweet, which asked X users to list their top 3 altcoins in their portfolio.
He believes every cryptocurrency that is not Bitcoin will ultimately collapse to zero value. Responding to X users who questioned his $0 claim, Back said that most altcoins lack ‘utility’ and hence ‘investability’; people switch networks to whatever is cheaper, and other networks overtook for years.
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Back’s view shows his firm belief in Bitcoin’s unmatched scarcity and the notion that altcoins lack long-term viability. He has emphasized Bitcoin’s status as the only truly rare digital asset, positioning it as the foundational layer for any meaningful financial and technological infrastructure.
In his broader commentary, Back encourages investors to exit altcoin exposure and allocate resources to Bitcoin instead. This view was also shared by Trader James Wynn, who noted that institutions were using the BTC leverage to buy altcoins and that is what was causing the altcoin season.
Is the Altcoin season here?
Bitcoin dominance has dipped by ~7% in the last month, fueling speculation that altcoins are entering a cycle of outperformance, driven by momentum and investor rotation. Tokens like Solana (SOL), Dogecoin, Remittix, Little Pepe, Bonk, and SPX6900 have seen remarkable gains, some exceeding 100%.
Critics may say that Back’s viewpoint dismisses all crypto assets outside Bitcoin as destined to zero, which may not hold. According to DataDrivenInvestor, on July 22, roughly 95% of altcoin options volume was in call contracts, especially for XRP and TON, highlighting short-term optimism around specific alt tokens. So if one were to consider the market reality in 2025, the narrative favors altcoin, fueled by speculative demand, meme coin hype, DeFi enthusiasm, and select network-specific innovation.
