What early Bitcoin architect Adam Back thinks of this cycle

Cited in the 2008 Bitcoin white paper, Back argued volatility is typical even as regulatory clarity and institutional access expands. What to know : Adam Back, an early Bitcoin figure cited in the original white paper, said the cryptocurrency’s recent slide is consistent with past four-year cycles and reflects inherent volatility rather than a broken thesis. Despite a more supportive U.S. policy environment and the launch of spot bitcoin exchange-traded funds, bitcoin has fallen about 26% over the past year while traditional havens like gold and silver have rallied. Back argued that institutional participation in bitcoin is still in its early stages and that broader adoption over time should temper price swings.