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Bitcoin’s founding ethos has come under scrutiny as sovereign governments increasingly move to accumulate the asset at scale. In an interview with Cointelegraph on April 30, 2026, at Bitcoin Vegas, Adam Back, CEO of Blockstream, addressed the debate, arguing that national adoption does not contradict Bitcoin’s original principles.
Back compared Bitcoin’s trajectory to that of the internet and encryption technologies. “Similar to the internet and encryption, technologies designed to shift the balance of power naturally start with early adopters,” he said. He argued that these technologies later expanded into government and institutional use, and that this progression reflects maturity rather than a departure from Bitcoin’s ethos.
The comments came as discussion grows around a potential US strategic Bitcoin reserve. Back speculated that such a plan could involve retaining Bitcoin seized from criminal proceedings rather than purchasing new coins.
He also warned that “governments might end up paying a higher price for Bitcoin.” Back said a competitive accumulation race could trigger a bidding war between nations, and that if multiple countries accumulate simultaneously, it could contribute to notable price appreciation. He pointed to the impact of sovereign demand on an asset capped at 21 million coins.
Back argued that institutional accumulation differs from typical retail market activity, suggesting it could drive price discovery “to an unprecedented scale.”
Beyond the reserve debate, Back raised concerns about prosecuting open-source Bitcoin developers. He cited the Samurai Wallet case as an example of a broader trend.
Back called for pardons, emphasizing the need to neutralize the distinction between developing privacy features and facilitating illicit use. He said developers should not be held liable for third-party misuse of their tools.
Back said Blockstream is working on post-quantum cryptography to strengthen Bitcoin’s long-term security. He shared plans to propose new signature schemes designed to balance security and size, with the finalized proposal intended to be submitted through Bitcoin’s open peer-review protocol process.
He also introduced the Jade Core, Blockstream’s newest and more affordable hardware wallet. Back said the device uses an open-source design and a server-assisted login method for PIN protection, offering a different security approach than wallets that rely on secure elements. He advised Bitcoin users to use hardware wallets and to store backups carefully.
On Layer 2 development, Back said he remains enthusiastic about innovation across Bitcoin’s technology stack. He stressed that base layer improvements are essential to support Lightning and other Layer 2 networks, and said new discoveries about Bitcoin’s Layer 1 have reinforced his long-term optimism.
Back reiterated his projection that Bitcoin could reach $1 million per coin. He also predicted Bitcoin would eventually surpass gold’s market capitalization, citing expected capital reallocation from gold investors.
He said Bitcoin’s limited supply and role as a store of value will continue to make it a crucial asset. Back added that improving regulatory clarity and rising institutional involvement make the target increasingly realistic.
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