Adam Back: Markets Repricing Memecoins; Buy Bitcoin

Adam Back, Blockstream’s CEO and the inventor of Hashcash, posted on X on May 23 and 24 that efficient markets are repricing memecoins and many altcoins toward zero. He wrote that most of those tokens did not generate cash flows for holders, did not create meaningful demand for blockspace and lacked sustainable competitive advantages.

Back has expressed this view for years and wrote he had expected the efficient market hypothesis to “kick in” and push altcoins to zero; he added he was surprised it took this long for markets to adjust.

The posts appeared amid recent market moves. Bitcoin fell to a four-week low after a delay in the Clarity Act vote, then rebounded after the end of the US‑Iran conflict prompted a broad risk-on response. Back noted Bitcoin captured much of that macro tailwind while many altcoins did not sustain similar gains.

Earlier in the week he pushed back on remarks from investor Mark Cuban after Cuban trimmed most of his Bitcoin holdings.

Back repeated his investment guidance in the posts: ‘buy Bitcoin, hodl, repeat.’ He said the final level of repricing for alternative tokens is uncertain and that whether many altcoins will fall to zero or settle at a higher floor remains open.