Blockstream CEO Adam Back (아담 백) again urged buying and holding bitcoin, saying prices of many tokens such as memecoins and smart-contract tokens are being repriced late.

On May 24, blockchain media outlet beincrypto reported that Back said in posts on X on May 23 and 24: "Buy bitcoin, hold it, repeat."

Adam Back said the latest pullback was not unexpected and was closer to a late-arriving price adjustment. He wrote that he has believed since 10 years ago that altcoin prices could eventually converge to $0, and that he was instead surprised it took the market so long to reprice memecoins and so-called air tokens.

He cited three reasons. He said those tokens do not provide cash flow to holders, do not create meaningful demand for blockspace, and lack a sustainable competitive advantage versus alternative assets. Back argued that under those conditions there is no rational basis to justify prices above $0.

Recent market moves also aligned with that view. Bitcoin slid to a four-week low after a delay in voting on the Clarity bill, then recovered quickly as markets broadly rebounded after the end of the U.S.-Iran war. By contrast, altcoins failed to sustain meaningful gains on the same factors.

Adam Back said that in this environment only bitcoin is an asset with scarcity and decentralisation. Earlier this week, he also rebutted a claim that cited bitcoin performance after Mark Cuban sold most of his holdings. It remains open whether the repricing of altcoins will actually continue to $0 or form a bottom at a higher level.