The man Satoshi Nakamoto emailed first — before anyone else knew Bitcoin existed.

Dr. Adam Back, creator of Hashcash (cited in the Bitcoin white paper) and CEO of Bitcoin Standard Treasury Company, sits down with Bloomberg’s Alexandra Semenova to discuss Bitcoin’s volatility, institutional adoption, and why the current pullback might be the best entry point in years.

Adam reveals his biggest regret (“I should have mined Bitcoin in 2009 — I didn’t”), breaks down why Bitcoin Treasury companies beat ETFs, and shares the one metric he watches: the 200-week moving average, currently at $58K and “never fallen” in Bitcoin’s history.

Plus: Why Goldman’s David Solomon and BlackRock’s Larry Fink converted, Hal Finney’s $10M price target from 2009, and how BSTR plans to launch with 30,000 Bitcoin and become the #3 Treasury company out of the gate.

HIGHLIGHTS:
0:00 — Intro
0:20 — What’s driving Bitcoin’s slide despite positive news?
1:11 — The 4-year cycle and reflexivity in markets
1:36 — BSTR: “The pullback is actually good news for us”
2:26 — ETF holders are stickier than retail traders
3:47 — Hashcash: The 1997 invention that became Bitcoin’s building block
5:41 — How mining was born: “A decentralized network can’t get a banking relationship”
6:43 — What Satoshi actually solved
6:52 — “I was the first person Satoshi contacted”
7:44 — Adam’s biggest regret: Not mining in 2009
7:58 — “Are you Satoshi?” — Asked all too often
8:22 — Is Bitcoin a discovery or an invention?
9:12 — Goldman’s David Solomon and Larry Fink’s conversion
10:41 — Abu Dhabi sovereign wealth fund, Swiss National Bank, US states adopting Bitcoin
12:11 — Institutions as the marginal buyer: What it means for volatility
13:33 — Bitcoin vs gold: “We’re 10-15x away from parity”
14:05 — Hal Finney’s $10M per coin prediction (January 2009)
16:01 — Digital gold thesis vs. retail payments
16:09 — Bitcoin Standard Treasury Company: Launching with 30,000 BTC
17:27 — Why a Treasury company beats an ETF
18:40 — Bitcoin’s role in a portfolio
20:12 — Tom Lee, Cathie Wood, and $1M price targets
21:17 — Advice for stomaching volatility
22:22 — Dollar cost averaging: “Waiting generally leads to buying higher”
22:31 — The next 6 months for Bitcoin
23:08 — “What people see as high volatility is actually return to normal”
23:50 — The 200-week moving average: “An up-only metric at $58K”
24:40 — “It would be nice to bottom-tick the market”

SPEAKERS:

  • Dr. Adam Back — CEO, Blockstream; Co-Founder & CEO, Bitcoin Standard Treasury Company; Creator of Hashcash
  • Alexandra Semenova — Reporter, Bloomberg News (Moderator)

Recorded live at Global Alts Miami 2026