According to U.Today, Blockstream CEO Adam Back has expressed his support for Bitcoin (BTC) and advised caution when speculating with decentralized finance (DeFi) platforms. Back shared his views on digital assets with the crypto community via the X app. He argued that Bitcoin's benefits are numerous and it could be cold stored instead of being used in DeFi. He believes that Bitcoin is a viable long-term asset and a store of value.
Back's views align with those of Robert Kiyosaki, a renowned finance management expert, who believes that due to the current inflationary trend, it is crucial to store value in tangible assets like gold, silver, and Bitcoin. Back expressed his skepticism about participating in DeFi, stating that some people are determined to speculate on DeFi platforms without learning from past mistakes. He suggested that buying Bitcoin and cold storing it is a safer and more profitable strategy.
In response to questions about his Bitcoin strategy, Back revealed that he maintains a long-term hold strategy as he is convinced of Bitcoin's value proposition. Even during market cycles when Bitcoin peaks, while other investors sell to buy back at lower prices, Back prefers to hold. He stated, 'I have a really hard time selling Bitcoin. So, I'm typically perpetually all out of fiat.'
While Back is not against diversifying assets, he advises caution, particularly when it comes to complex and risky DeFi platforms. He recommends platforms like Hodl Hodl, Debificom, or Unchainedcom, which he believes are simple, robust, and secure. Analysts have noted that Back's approach to cryptocurrency investment is conservative, prioritizing the stability and security offered by Bitcoin over the potential of DeFi, despite signs of a strong recovery for the DeFi segment after the 'Crypto Winter', according to a recent report.