Adam Back Advocates Bitcoin Accumulation Amid Government Adoption Prospects and Quantum Computing Concerns

At Paris Blockchain Week 2025, Blockstream CEO and prominent Bitcoin proponent Adam Back urged individuals to increase their BTC holdings in anticipation of potential government adoption. His remarks also touched on emerging threats from quantum computing and the recent market turbulence affecting both crypto and traditional finance sectors. Notably, Bitcoin exhibited decoupling from equities late last week, signaling shifting market dynamics.

Adam Back Recommends Buying Bitcoin Ahead of Potential Government Adoption

During Paris Blockchain Week, Adam Back, CEO of Blockstream and a Bitcoin advocate, suggested that regular people should consider acquiring more BTC in anticipation of possible government adoption. He also briefly discussed the threat posed by quantum computers and the current market conditions, which have seen massive volatility and corrections in both crypto and traditional finance. Bitcoin decoupled from stocks on Friday but later followed the same trajectory during Monday’s crash.

James Murphy Sues DHS to Uncover Satoshi Nakamoto Identity

Prominent crypto attorney James Murphy, also known as ’MetaLawMan,’ has filed a lawsuit against the U.S. Department of Homeland Security (DHS) under the Freedom of Information Act (FOIA) in the D.C. District Court, seeking to reveal the true identity of Bitcoin’s mysterious creator, Satoshi Nakamoto. The lawsuit stems from statements made by DHS Special Agent Rana Saoud in 2019, where she alleged that several of her colleagues had met with individuals connected to the creation of Bitcoin.

Strategy Holds Bitcoin Steady Amid Price Drop

Strategy holds 528,185 BTC, valued at approximately $40.43 billion, and paused purchases after March amid market volatility. Despite a BTC drop impacting $25.73B in recent buys, causing $4.6B in unrealized losses, the company made no new BTC purchases in April. This pause follows five months of aggressive accumulation, as confirmed in its latest SEC filing.

Bitcoin Hashrate Sets New Record Despite Bearish Trend

On-chain data shows the Bitcoin Hashrate has reached a new all-time high, despite the continued bearish trajectory of BTC. The Hashrate, which tracks the total computing power connected to the Bitcoin blockchain, has increased due to new miners joining the network and/or existing miners expanding their facilities. This trend suggests that the chain is attractive to these chain validators. A chart from Blockchain.com confirms this trend.

Bitcoin Holds $74K: Support Found with Strong Cost Basis Clusters

Bitcoin has found support at the $74K level, with over 50,000 BTC concentrated in this range, largely held by long-term investors inactive since early March. This marks the first major supply cluster below $80K, with additional cost basis levels at $71.6K and $69.9K potentially cushioning the downside in the NEAR term. The price has stabilized at $74K, reflecting patterns seen in past bull markets.