During the current Paris Blockchain Week conference, Adam Back, the CEO of Blockstream and a long-time bitcoin proponent, said regular people should start acquiring more BTC ahead of the potential government adoption.
He also spoke briefly about the quantum computer threat as well as the current market conditions.
Given the current circumstances, Back was first asked about the ongoing Trade War between the US and essentially the rest of the world, which intensified in the past week following Trump’s latest tariffs and warnings against China.
The market conditions in crypto as well as traditional finance went bizarre, with massive volatility and mostly corrections. However, bitcoin also decoupled from stocks on Friday but later followed the same trajectory during the Monday crash to under $75,000.
Back actually believes that BTC is handling the crisis relatively well, as it hasn’t experienced a massive double-digit price drop, especially since it trades 24/7 and it has no ‘circuit breakers’ unlike stocks.
He noted that people should focus on the long term, adding that Trump’s tariffs are most likely a negotiating game that could end up hurting regular people as they have to pay for the rising costs.
In terms of government adoption, such as the reports that the US could build its own BTC reserve stash, Back said retail investors and the working class should focus on acquiring more bitcoin ahead of governments.
On the topic of quantum computers and the potential threat they can pose to bitcoin, Back said maxis should not downplay the actual danger, but the technology is probably a couple of decades away. In the meantime, he believes the bitcoin community will develop a new system that could help the cryptocurrency in averting it.
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