Blockstream Founder Adam Back Issues Urgent Call to Acquire 'Sats' Amid Critical Bitcoin Price Point

Blockstream founder Adam Back exhorts his social media followers to intensify their Bitcoin (BTC) accumulation ("stacking Sats") at the current price level. Back's tweet evokes the popular Duke Nukem character, emphasizing the urgency to acquire BTC while the opportunity exists. His call to action aligns with the expectation of a potential price surge following the recent Bitcoin halving, which has reduced block rewards by 50%.

Blockstream Founder Adam Back Issues Urgent Call to Stack Sats Amidst Critical Price Point

In a powerful address to his followers on X/Twitter, Blockstream founder Adam Back has implored them to redouble their efforts in acquiring and holding Bitcoin (BTC), emphasizing the critical importance of accumulating "Sats" (the smallest units of BTC) while the cryptocurrency trades at its current price level.

Back, invoking the iconic Duke Nukem character, declared in his tweet: "It's time to stack Sats and chew bubblegum, and I'm all out of gum."

This exhortation follows an earlier tweet from Back, in which he urged the Bitcoin community to "stack Sats harder while you can." While Back did not explicitly state his reasoning, it is widely speculated that he anticipates a significant surge in the Bitcoin price following the recent halving event.

The halving, which occurred on April 20, 2024, saw the block rewards for Bitcoin miners reduced by 50% from 6.25 BTC to 3.125 BTC. This reduction in supply, coupled with the continued accumulation of Bitcoin by spot-based exchange-traded funds (ETFs), is expected to create a scenario where demand outstrips supply, driving the price higher.

Data from analytics firm Spot On Chain reveals that spot Bitcoin funds have been accumulating BTC at a steady pace, with positive inflows recorded over the past three consecutive trading days. On April 23 alone, the net inflow into these funds amounted to $32 million.

Despite this positive trend, it is noteworthy that Grayscale, the largest Bitcoin fund manager, has experienced modest outflows over the past four trading days. However, these outflows remain below $100 million per day.

Prior to the halving, spot Bitcoin ETFs were consuming an astonishing 12 times the amount of BTC produced by miners daily. With the halving reducing the daily issuance to 450 BTC, the supply-demand dynamics have shifted even further in favor of price appreciation.

Back's call to action aligns with the broader sentiment within the Bitcoin community, which recognizes the historical significance of the halving event. In March 2023, Bitcoin achieved a new all-time high of $73,750, marking the first time the cryptocurrency reached a new peak before a halving.

As Bitcoin trades at its current price point, Adam Back's message serves as a clarion call to investors and enthusiasts alike, urging them to capitalize on the opportunity to accumulate Sats and position themselves for the anticipated price surge that may follow.