Will Altcoins Eventually Become Worthless?...Adam Back Forecasts $0 for Altcoins and Memecoins

▲ Altcoin/ChatGPT generated image

Adam Back, CEO of Blockstream, has once again directly questioned the long-term value of altcoins and memecoins. Back, known as an early figure in the Bitcoin (BTC) community, reaffirmed his long-held stance that many alternative cryptocurrencies could eventually approach $0 over time.

U.Today reported on May 24 (local time) that Back publicly doubted the long-term value of altcoins and memecoins in a recent post on X (formerly Twitter). Back stated, "I expected the efficient market hypothesis to work for altcoins, pricing them at $0."

Back emphasized that the $0 theory is not a new claim. He said, "But I've been making that judgment for 10 years, so it's quite surprising that it took so long for the efficient market to catch up with air tokens, altcoins, memecoins, etc." Back added, "Buy Bitcoin, hold, repeat."

The efficient market hypothesis is a financial theory that states asset prices reflect all available information. Back's remarks once again highlighted the view that altcoins and memecoins are unlikely to be recognized for long-term value in the market.

Back has consistently shown an opposing stance towards alternative cryptocurrencies. In the past, when asked about his preferred altcoin, he replied, "None. I have never held any. All will go to $0."

Meanwhile, these remarks come during a bearish phase where altcoins and various memecoins have experienced significant corrections after the previous cycle's surge. Bitcoin also failed to escape the market downturn. Bitcoin fell approximately 40% from its all-time high of over $126,198, and after a week-long decline, it dropped to a low of $74,197 before rebounding.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*