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Adam Back: It’s Still Early to Buy Bitcoin in 2025

Thu May 29 2025

Adam Back reaffirmed that the Bitcoin adoption curve is still in its early stages, particularly for retail investors and companies transitioning to a Bitcoin-centric treasury model. His insights at Bitcoin 2025 underline the growing momentum toward institutional Bitcoin standards and the broader vision of BTC as a core financial infrastructure.

Adam Back Says It’s Still Early for Retail — Bitcoin’s Just Getting Started

At Bitcoin 2025 in Las Vegas, legends like Adam Back, Dan Tapiero, and Dan Morehead didn’t talk hype. They talked strategy — and it’s all about Bitcoin as a corporate treasury asset.

If you think you missed the boat, Adam Back says: “It hasn’t even left the dock.”

Who Is Adam Back — And Why Does He Matter?

Invented Hashcash (1997) — the tech behind Bitcoin mining

Emailed by Satoshi Nakamoto in the early days

CEO of Blockstream, builder of:

Liquid Network (BTC Layer 2)

Bitcoin satellite transmission

Institutional mining services

Oh — and he’s been holding Bitcoin on Blockstream’s balance sheet since 2014. That’s a decade-long BTC conviction.

Bitcoin as the New Gold — But Better

Dan Tapiero kicked off the panel by comparing Bitcoin to hard money:

“It’s your right to own unconfiscatable digital property.”

Tapiero, a gold veteran turned Bitcoin bull, emphasized Bitcoin’s role as a core asset class — not speculation, not a trend. Digital gold — with better math.

Blockstream: The Original Bitcoin Treasury Company

When asked about BTC treasuries, Adam Back didn’t flinch:

“We’ve been a Bitcoin treasury company since 2014.”

The model?

•	 Earn in fiat
•	 Convert to BTC
•	 Compound in “hard money”
•	 Outperform inflation without playing Wall Street’s game

It’s not a hedge — it’s a standard.

The Bitcoin Standard Is Becoming a Business Model

Back broke it down: • Bitcoin outperforms 99% of assets • So why try to beat it? • Instead: operate in fiat, accumulate in BTC

This is how companies align with Bitcoin’s trajectory — and avoid being left behind.

“You don’t beat Bitcoin — you join it.”

So… Is It Too Late for Retail?

Nope.

While Wall Street and treasuries move in, the retail crowd is still early, according to the panel.

Why?

•	 Institutional adoption is still ramping

•	 Macro uncertainty favors hard assets

•	 Treasury strategies are just now going mainstream

If 2017 was the speculation era and 2021 was institutional warm-up — 2025 is infrastructure time. And the ladder’s still there.

TL;DR: Adam Back Says We’re Still Early — Here’s Why

•	 Adam Back = Bitcoin OG + CEO of Blockstream
•	 Blockstream’s been holding BTC since 2014
•	 Bitcoin treasury companies are now a real thing
•	 Business model = earn fiat, stack BTC
•	 Retail investors still have time — adoption is just beginning

Bitcoin isn’t just an asset anymore.

It’s a strategy.