Gold Crash Incoming? Bitcoin Will Win, Says Blockstream CEO Adam Back

Adam Back, the CEO of Blockstream and one of the few people who directly communicated with Bitcoin’s creator Satoshi Nakamoto, is turning heads with his latest prediction: gold might crash, but Bitcoin is here to stay.

His comments follow the resurfacing of reports about Psyche 16, an asteroid believed to contain a massive amount of gold worth around $700 quintillion. With Elon Musk also throwing support behind Bitcoin, the market is buzzing with renewed energy.

Psyche 16: Could This Asteroid Sink Gold?

Psyche 16 orbits between Mars and Jupiter and is rumored to hold enough gold to make every person on Earth a billionaire. But that kind of supply could flood the market and send gold prices crashing.

Samson Mow, CEO of JAN3, pointed this out on social media, emphasizing that Bitcoin doesn’t face this problem. Its supply is permanently capped at 21 million coins, making it resistant to inflation or sudden market dilution. He also reminded the community that Bitcoin’s issuance is cut in half every four years, through a process called halving. The most recent halving happened on April 20, 2024, reducing mining rewards from 6.25 BTC to 3.125 BTC.

Adam Back replied to Mow’s post, explaining that if such a gold surplus were to hit the market, it would likely cause gold’s price to crash. In contrast, Bitcoin’s fixed and transparent supply model strengthens its position as a reliable store of value.

Elon Musk: “Fiat is hopeless, so yes” to Bitcoin

Tech billionaire Elon Musk recently energized the crypto community by endorsing Bitcoin. Responding to queries about his proposed “America Party,” aimed at curbing U.S. debt after Trump’s “Big Beautiful Bill” raised the debt ceiling by trillions, Musk accused fiat currency, stating, “Fiat is hopeless, so yes.”

Bitcoin vs Gold: Which One Will Win?

Gold has long been seen as a safe haven during uncertain times, but its value depends on controlled supply. With the threat of Psyche 16 flooding the market, that status could be challenged.

In contrast, Bitcoin offers a deflationary model and complete transparency. With influential voices like Adam Back and Elon Musk rallying behind it, Bitcoin is being seen more than ever as a serious alternative to gold.

The momentum suggests that shift may already be underway.