A pronounced uptick in bullish sentiment surrounding bitcoin unfolded across social media platform X on June 13, as high-profile market participants reiterated confidence in BTC’s long-term appreciation potential. Michael Saylor, Executive Chairman of Strategy (Nasdaq: MSTR), framed bitcoin’s trajectory in stark binary terms, suggesting it is either destined for obsolescence or exponential price discovery. He remarked:
If it’s not going to zero, it’s going to a million.
Saylor’s statement followed an earlier one in which he declared, “Winter’s not coming back. Bitcoin’s not going to zero—it’s going to $1 million,” emphasizing his belief that the cryptocurrency has entered a sustained bullish phase. Moreover, Strategy currently hodls 582,000 BTC.
Blockstream CEO Adam Back promptly addressed the downside scenario. Responding to Saylor, he pointed to a limit order once placed on crypto exchange Bitfinex to purchase the full 21 million BTC supply at $0.02 per coin. “$1 million bitcoin it is then, as it’s not going to zero as I have a limit order at 2c/ BTC for 21m BTC,” Back wrote, positioning his bid above fellow bitcoin advocate Alistair Milne’s previously stated $0.01 offer.
A screenshot of Adam Back’s limit order for 21 million bitcoin at 2c per BTC. Source: Adam Back on X.
Back’s reference ties back to a July 12, 2020, post, where he publicly countered Milne’s earlier declaration. At the time, Milne had stated: “I hereby confirm that bitcoin will never go to zero (at least on Bitfinex). I’m buying them all at $0.01.” Back responded with: “@alistairmilne for 18.6mil BTC at 1c eh? I bid for 21mil BTC at 2c.” The number 18.6 million was the amount of available bitcoin at the time.
Although the order initially served as a symbolic show of price support, its purpose changed over time. In response to an X user who remarked on its inactivity, “Sad to see $420K just sitting there in an order that will never be filled,” Back replied:
Well, I got FOMO after a while, cancelled and used the liquidity to buy BTC. But it was a real live order for a while during 2020.
Saylor’s post drew widespread speculation on X, with some users predicting that bitcoin could exceed $1 million and potentially breach the $13 million target the Strategy executive chairman previously suggested. Despite differing views, the dominant sentiment reflected strong confidence in bitcoin’s long-term growth and staying power.
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