Adam Back Breaks Silence on 2013 Bitcoin Post: Is It Still Early?

Not many posts from 2013 still get circulated in crypto circles in 2025, but one that did this week comes from a well-known figure - Adam Back - and it is getting attention for one reason: it still reads like something someone would post today.

Back then, Bitcoin ($BTC) had just crossed $100, and people on forums were wondering if they had already missed the opportunity to buy. Back stepped in with what looked like a mix of technical perspective and straight-up common sense.

He pointed out that even if someone bought at $30 or $100, they would likely still feel early in 10 years. No hype, just a measured take from someone who had been cited in the Bitcoin white paper by Satoshi Nakamoto himself.

Fast forward 12 years, and the post popped back up on social media. Screenshots spread quickly, with users pointing out how relevant it still felt. Of course Back noticed it and added his own updated comment on the situation.

Now, in 2025, he says people are still thinking they are late to the game, and that the same confusion he saw back in 2013 is still out there - this time coming from institutional players, fund managers and sophisticated retail investors. That confusion, he adds, is one of the main reasons Bitcoin remains undervalued, even though it is not $100 anymore, but $100,000.

Back points to data showing that on-exchange Bitcoin is steadily decreasing — confirmed by most major analytics platforms. Less available $BTC, more institutional interest through ETF products and a VC environment pushing into Bitcoin infrastructure, particularly around layer-2 solutions; that is the current state, in Back's view.

At the same time, he draws a clear line between Bitcoin and altcoins. His next comments suggest that the altcoin cycle is past its peak, while the Bitcoin dominance index has doubled over the last few years.