Adam Back reaffirms Bitcoin's uniqueness: strengthened dominance, BTC remains the core asset of the crypto market

Early Bitcoin participant and prominent cypherpunk Adam Back recently reaffirmed his long-term stance, stating that Bitcoin is the “唯一的加密货币统治者” (the only ruler among all cryptocurrencies). This statement aligns closely with the current market trend of Bitcoin’s dominant position continuing to rise and has once again sparked discussions about Bitcoin’s long-term value and its differences from other crypto assets.

As the inventor of Hashcash, Adam Back was deeply involved in cryptography and decentralization research before the birth of Bitcoin. His ideas are widely believed to have significantly influenced Satoshi Nakamoto’s design. Therefore, his judgment on Bitcoin carries strong symbolic and reference value within the crypto industry.

In Back’s view, Bitcoin differs fundamentally from other cryptocurrencies. First, Bitcoin is the only digital asset that truly achieves decentralization, with no centralized control, no founding team with special privileges, and no room for arbitrary changes to monetary policy. The fixed supply cap of 21 million coins is regarded by him as one of Bitcoin’s core value pillars. This rule can only be changed through global node consensus, making Bitcoin more akin to “digital gold” rather than an ordinary tech product.

Furthermore, Adam Back emphasizes that Bitcoin has endured multiple full market cycles, including regulatory crackdowns, price crashes, public skepticism, and technical controversies, yet the network remains stable. This long-term survivability is seen by him as a key characteristic that most altcoins have yet to prove.

In contrast, he remains cautious about altcoins. In his opinion, many crypto projects face issues such as token inflation, centralized governance, and frequent rule changes. Although some projects have innovations in functionality and application layers, they often do so at the expense of decentralization and security—core aspects that are non-negotiable in Bitcoin’s value system.

From a market perspective, this view is being validated by price and capital flow trends. As market volatility intensifies, Bitcoin’s market share continues to increase, with capital tending to flow back into Bitcoin when risk appetite declines, rather than into small- and mid-cap tokens. This “risk-averse concentration” trend further consolidates Bitcoin’s central position in the crypto market.

In the current environment of cautious market sentiment and unclear direction, Adam Back’s statements are not just short-term emotional outbursts but a continuation of his consistent long-term stance. To him, Bitcoin is not only an investment asset but also the most resilient and fundamental layer of the entire cryptocurrency ecosystem with long-term viability and monetary attributes.