CoinTelegraph 2025-04-09 16:30:00

Bitcoin has 'fully decoupled' despite tariff turmoil, says Adam Back

As markets reel from geopolitical tensions and economic uncertainty, Bitcoin has shown relative resilience during events like Trump’s recent tariff bombshells, according to Blockstream CEO Adam Back. While in the short term, Bitcoin ( BTC ) may move in tandem with stocks and other risk-on assets, Back sees the long-term trend telling a different story. “Bitcoin is fully decoupled because it's gone up five or six times since the bottom of the market three years ago,” he said during an exclusive interview with Cointelegraph at Paris Blockchain Week. Back, who is one of the original cypherpunks and a key contributor to Bitcoin’s early development, predicts strong adoption tailwinds for BTC: regulatory clarity, institutional interest, and the legitimizing force of exchange-traded funds (ETFs). He notes that while most long-term holders are already “all in” and unable to buy dips, entities like BlackRock and sovereign wealth funds are stepping in, quietly absorbing supply. The Blockstream CEO also touches on the geopolitical dimension, discussing a scenario in which governments may begin actively acquiring Bitcoin. “If the US government doesn't go on a buying spree and buy 1 million Bitcoin over the next five years, that gives more time for the new entrants who've got access finally through brokers and through the ETFs to build up the Bitcoin position.” Despite short-term volatility, Back remains firmly bullish on the mid-term outlook: “Typically, there would be half a dozen 30% drops in a bull market, so I think that's probably where we are now.” Watch the full interview now on the Cointelegraph's YouTube channel — and subscribe for more exclusive conversations with the biggest names in crypto.