Coin Stories

Adam Back Part 1: From Cypherpunk to Corporate Bitcoin Treasury Leader

48 snips
Sep 30, 2025
Guest
Adam Back
In a compelling discussion, Adam Back, a pioneer in cryptography and CEO of the Bitcoin Standard Treasury Company, shares insights on launching his Bitcoin treasury venture. He delves into how corporate treasury companies like MicroStrategy influence Bitcoin investments. Adam argues that Bitcoin should serve as a benchmark for long-term investing, while also exploring trading strategies linked to corporate treasury valuations. He emphasizes the importance of responsible Bitcoin stacking and addresses criticisms of corporate involvement in the Bitcoin ecosystem.
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ANECDOTE

Watching MicroStrategy's Conviction

  • Adam tracked MicroStrategy's pivot into Bitcoin after Michael Saylor bought BTC for company reserves in 2020.
  • He saw Saylor repeatedly buy and publicly advocate for the strategy, which convinced Adam of the corporate use-case.
INSIGHT

Why Companies Can Beat Individual Holding

  • Treasury companies can outperform because few firms historically match Bitcoin's long-term returns.
  • Public companies can use corporate structures and limited leverage to amplify Bitcoin exposure over time.
ADVICE

Bitcoin As The Hurdle Rate

  • If you can't outperform Bitcoin long-term, stop and buy Bitcoin instead of other investments.
  • For companies, place cash reserves in Bitcoin to hedge against inflation and QE-era asset erosion.
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