Adam Back, CEO of Blockstream and one of the few people named in Bitcoin’s founding whitepaper, says he put a safety net under Bitcoin.
He quietly placed a limit order on the Bitfinex exchange to buy as many coins as possible at two cents each. Back insists this move would stop Bitcoin’s value from ever falling close to zero.
Rival Bids and Cancelled Orders
Back says he acted to beat a similar offer by investor Alistair Milne, who set his buy‑in point at one cent. Both orders date back to 2020. According to Back, he later cancelled the bid and used the reserved funds to buy Bitcoin at market prices.
He told followers this was a practical way to shore up confidence in the currency during its early days of wild swings.
Reaction to Million‑Dollar Forecasts
The buy‑at‑two‑cents stunt came after Michael Saylor of Strategy tweeted that Bitcoin could reach one million dollars per unit. Back’s reply stressed his focus on preventing deep crashes before chasing moon‑shot targets.
His experience in designing proof‑of‑work systems and understanding network incentives gives weight to his pledge.
Bitcoin’s Price Actions
Today, Bitcoin trades around $104,967 and has risen by a quarter of 1% in the past 24 hours. The total market value of all cryptocurrencies now stands at about $2.08 trillion.
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However, trading volume has fallen sharply, down over 33% in the same period, hinting at a quieter market mood.
Protocol Upgrade on the Horizon
Beyond trading theatrics, Bitcoin’s code is also changing. Core developers have approved removing the 83‑byte default cap on OP_RETURN data fields. When version 30 of the software goes live in October, that limit will expand to 100,000 bytes.
This tweak lets users embed larger data payloads on‑chain, opening doors for new applications in digital identity, asset tracking, and more.
What This Means for Bitcoin?
Back’s pledge and the upcoming software change both aim to strengthen Bitcoin’s resilience. A built‑in crash cushion, even if symbolic, could deter panic selling.
Meanwhile, lifting the OP_RETURN cap signals growing confidence in Bitcoin as a platform for innovations beyond simple payments. Together, these moves show the network’s embrace of both financial and technical safeguards.
As Bitcoin continues its journey toward wider use and acceptance, actions like Back’s limit order and protocol updates highlight its evolving nature. Investors may find comfort in knowing that key figures are willing to backstop the price in extreme scenarios.
At the same time, developers are expanding what Bitcoin can do. Whether these steps will smooth volatility or spur new use cases, they mark an important chapter in the story of the world’s first cryptocurrency.
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