Blockstream CEO Adam Back argues that the market is becoming more efficient and has ultimately revalued memecoins, smart contract Token , and other “Token with no real value,” asserting that most of these assets never had a solid foundation for their valuation.
Adam Back is the creator of Hashcash and is known as one of Bitcoin's strongest proponents. He's held this view for many years. What surprised him wasn't the market correction itself, but the fact that it took so long to happen.
No cash flow, no demand, no competitive advantage.
Adam Back Chia his views through posts on X on May 23rd and 24th, 2026.
Buy Bitcoin, hold, and repeat. I used to expect the efficient market hypothesis to work with altcoins, bringing their prices to zero. But I predicted this 10 years ago, so I'm really surprised it took that long for the efficient market to "catch up" with air Token, altcoins, memecoins, etc.
His argument is based on three major shortcomings. The Token he refers to do not generate cash flow for investors, do not attract real demand for blockspace, and do not possess any sustainable competitive advantage over alternatives. According to him, lacking all of these elements, there is no logical reason for the price of these Token to be higher than 0.
According to Adam Back, this revaluation process has been underway for some time, as he has made similar observations in previous market cycles. The current correction is simply a fundamental adjustment to what he always predicted was inevitable.
The market context also reinforces his argument. Bitcoin ( BTC ) prices had fallen to a four-week low after the Clarity Act vote was delayed. However, Bitcoin then surged strongly thanks to the positive effect of the end of the US-Iran war , leading to a widespread price increase. However, according to the crypto market summary of the past week , altcoins failed to sustain their gains from those positive signals. Bitcoin was the only coin that clearly benefited, while most alternatives did not.
Bitcoin is the most logical conclusion.
Adam Back 's conclusion is unique and clear: While most Token are trading above their intrinsic value, Bitcoin is different because of its genuine scarcity and decentralization. His advice remains unchanged: buy Bitcoin, hold it long-term, and continue doing so.
Adam Back 's perspective is consistent throughout his debates with Bitcoin critics. This week, he countered Mark Cuban's claims about Bitcoin's investment performance after the billionaire sold most of his Bitcoin holdings. Adam Back has always defended Bitcoin with data, and that has been the case through many market cycles.
Whether the revaluation of altcoins will continue to push prices down to zero or will stop at some point remains to be seen. However, Adam Back 's view on where the market's true value converges remains unchanged to this day.
