Blockstream CEO Adam Back’s Bitcoin Strategy

Blockstream CEO Adam Back, who was mentioned in the Bitcoin whitepaper, announced measures to prevent Bitcoin from crashing close to zero. He stated that should it happen, he will buy all 21 million Bitcoins at a low price.

Back places limit order to buy all BTC at $0.02

Commenting on a tweet by Bitcoin bull Michael Saylor, who predicted Bitcoin could reach $1 million, Back claimed he did his best to prevent a crash. He placed a limit order on the Bitfinex exchange to purchase all Bitcoin if it drops to 2 cents.

> “$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.”
> — Adam Back (@adam3us) June 14, 2025

Back made this move to outbid investor Alistair Milne, who set a similar order for a drop to 1 cent. Back clarified it was a real order in 2020 before he canceled it to buy BTC with the liquidity.

> “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.”
> — Adam Back (@adam3us) June 14, 2025

Even if Bitcoin crashed, buying the entire supply poses a challenge, as around two million BTC are unlocked, with many of the 19 million mined BTC in cold storage or owned by Bitcoin-focused companies, including Saylor’s Strategy, which owns 582,000 BTC worth over $61 billion.

Saylor says Bitcoin is heading to a million

Following a recent plunge, BTC lost approximately 4.33%, falling from above $108,000 to around $103,000, before quickly regaining 2.35% and settling above $105,000. Saylor tweeted, “If it’s not going to zero, it’s going to a million,” prompting support from the crypto community, including Back.

Saylor anticipates that once large-cap companies start accumulating Bitcoin, there will be no sellers left, a move currently in progress thanks to firms like Strategy and various spot Bitcoin ETFs (BlackRock, Fidelity, Bitwise, Grayscale) accumulating BTC weekly since January 2024.