Blockstream chief executive Adam Back says efficient markets are finally pricing memecoins, smart contract tokens and other “air tokens” toward zero.

Adam Back Repeats His Bitcoin Recommendation

Back, the inventor of Hashcash and one of Bitcoin’s most outspoken maximalists, made his case in posts shared on X across May 23 and 24. He told followers to “buy bitcoin, hodl, repeat,” and said he expected the efficient market hypothesis to value alternative coins near zero. His only surprise, he noted, is how long the repricing took to arrive.

His argument rests on three absences.

The tokens he targets produce no cash flows for holders and draw no meaningful blockspace demand, and they hold no durable advantage over rivals.

Without any of…