7-7-2025 – Blockstream CEO Adam Back has warned that gold prices could plummet due to a potential oversupply from asteroid Psyche 16, positioning Bitcoin as a superior store of value. In a recent statement, Back highlighted Bitcoin’s fixed supply and programmed halving events as key advantages over gold, which could face market disruption if asteroid mining becomes reality.
The prediction, has sparked debate among investors. Back’s comments come amid growing concerns over U.S. debt and fiat currency stability, with prominent figures like Elon Musk endorsing Bitcoin as a hedge. Unlike gold, which could see its value diluted by an influx of extraterrestrial resources, Bitcoin’s capped supply of 21 million coins ensures scarcity, Back argued.
This view aligns with his broader advocacy for Bitcoin as a deflationary asset, gaining traction as institutional interest rises. The warning has reignited discussions about Bitcoin’s role in the global financial system. With Musk’s public support amplifying Bitcoin’s visibility to millions, analysts suggest the cryptocurrency could see increased adoption if gold falters. However, skepticism remains about the feasibility of asteroid mining and its near-term impact on gold markets.