Simply Bitcoin Adam Back | Simply Bitcoin IRL
Nov 22, 2025
In this engaging discussion, Adam Back, a cryptographer and CEO of Blockstream, explores the dynamics of Bitcoin's treasury companies and the implications of sustained institutional buying. He reveals why the traditional four-year cycle may be shifting due to a supply crunch and the increasing long-term holding of BTC. Adam shares anecdotes from Bitcoin's early days, discusses self-custody as a form of financial insurance, and highlights the importance of Layer 2 advancements for usability. His insights on Bitcoin's evolution and future direction are both compelling and thought-provoking.
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Halving Impact Is Changing
- More Bitcoin is being cold-stored long-term, so halving effects shouldn't be judged only by nominal supply drop.
- Adoption can still surge, making this cycle potentially stronger than prior diminishing-return expectations.
Institutions Are Driving Demand
- Institutions and ETFs are driving this cycle more than retail, creating steady, nonpanicked buying pressure.
- That buying greatly exceeds miner supply, so price moves hinge on when sellers run out or stop selling.
Treasury Firms Buffer Price Shocks
- Bitcoin treasury companies act as shock absorbers because they buy and hold rather than sell during pullbacks.
- That changes price dynamics and reduces large liquidation-induced drawdowns.