Back’s Bold Bitcoin Bet: Will He Own All 21 Million Coins or Just Look Silly?

Ah, the master of the game, Adam Back—the very same Adam who sneaked into the Bitcoin whitepaper, like a ghost at a dinner party, quietly making his mark. This man, a true philosopher of our digital age, now declares that he has found a way to protect Bitcoin from the abyss, the ever-looming crash that might send the world’s most infamous cryptocurrency tumbling into the depths of nothingness—yes, zero. But here’s the kicker: what if, instead of weeping for its demise, he buys it all up? Every last one of those precious 21 million bitcoins.

Now, let us entertain this thought—oh, the sweet, tragic farce of it all. Back, the true capitalist hero, has allegedly placed a limit order for all of Bitcoin’s supply—should it fall to a comically low price of $0.02 per coin. A mere trifle! A fine joke! A game of chicken with the digital world!

Back’s Limit Order: To Buy All BTC at $0.02—But Wait, There’s More

What was this madness? A conversation started by none other than Michael Saylor, the ever-persistent bull of Bitcoin, who dared to utter the prophecy that Bitcoin could rise to a million dollars per coin. “The price is going to the moon, my friends, to the heavens!” said Saylor, invoking the spirit of fortune. Back, ever the skeptical realist, swiftly countered. His own move? A limit order to buy all Bitcoin he can get his hands on—should it crash to the absurdly low price of 2 cents per coin. A bold strategy, wouldn’t you say? Perhaps a bit too bold.

But ah, dear reader, not all is as it seems. Back’s plan was a mere relic of 2020—a curious relic of a time when the market still teetered on the edge of chaos. Back has since canceled his order, citing “FOMO” as the true villain. A rare confession of human weakness from a man who often seems as cold as the digital wallets he operates.

And so, we ask: what are we to make of this? If Bitcoin were to crash—and let’s not delude ourselves into thinking that it might—then who would truly hold all those coins? The real story lies in the 19 million coins already mined, most locked away in the iron vaults of cold storage wallets, ETFs, and corporations like Strategy, which hoards its 582,000 BTC worth a staggering $61 billion. A powerful force, indeed.

Saylor’s Million-Dollar Dream: The Eternal Optimist

Let us now turn to the eternal optimist himself, Michael Saylor. In a recent tweet, Saylor declared, with all the fervor of a man who’s been living on nothing but crypto for years, that if Bitcoin isn’t going to zero, it’s surely going to one million dollars. “One million dollars per Bitcoin,” he proclaimed, as though uttering a great truth of the cosmos. A bold statement that echoed throughout the cryptosphere, bringing believers to their knees in worship.

Indeed, after Bitcoin’s recent price dip—from a heady $108,000 to a mere $103,000—Saylor’s words seemed all the more resonant. But Bitcoin, ever the capricious beast, quickly surged again, rising by 2.35%, to settle just above $105,000.

Saylor’s hopes are pinned on one singular, monumental idea: that once the big players—the titans of industry—step in, Bitcoin will never again be within the reach of the common man. And these titans are already at work, purchasing Bitcoin at a staggering rate. Spot Bitcoin ETFs, from the likes of BlackRock and Fidelity, have been quietly and steadily stacking up their BTC reserves since January 2024. The battle for control is underway, and the masses, as always, are left wondering: who will win in the end?

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2025-06-14 11:59