Bitcoin Could Rival Gold as Inflation Hedge — Adam Back

Blockstream CEO Adam Back believes Bitcoin may begin to compete with gold as a hedge against inflation and geopolitical risk over the next decade, supported by growing adoption and regulatory shifts.

Scarcity and growing trust drive Bitcoin forward

Speaking at Paris Blockchain Week 2025, Adam Back compared Bitcoin’s qualities to gold.

Despite recent market corrections, he highlighted Bitcoin’s limited supply and rising status as a store of value.

“Bitcoin is scarce like gold — but it’s also on a global adoption curve,” Back emphasized.

Inflation could shape the next decade

Back warned that inflation rates could remain at 10–15% annually.

He said, “Such returns are difficult to match with stocks or real estate rentals.”

Meanwhile, the University of Michigan survey showed consumer inflation expectations hit 5% for the next year and 4.1% over five years, raising macroeconomic concerns.

US policy and ETFs help adoption

Back credited spot Bitcoin ETFs and US political support under President Trump for accelerating growth.

He noted that Operation Chokepoint 2.0 was reversed and ETF approvals created momentum.

On March 7, Trump signed an executive order establishing a national Bitcoin reserve using coins seized in criminal cases — a move welcomed by crypto advocates as progress toward institutional integration.