Adam Back, CEO of Blockstream and a prominent figure in the Bitcoin community, announced plans to place a limit order to buy all 21 million Bitcoins at $0.02 if a significant market crash occurs, a strategy he initially proposed back in 2020.

This order was aimed at outbidding venture capitalist Alistair Milne, who had set a similar order at $0.01, although Back later canceled his order to focus on acquiring Bitcoin through liquidity.

Back has emphasized that he has implemented measures to prevent Bitcoin from crashing to near-zero levels, highlighting his commitment to the cryptocurrency's stability.

Currently, Michael Saylor's company, Strategy, holds a substantial 582,000 BTC valued at over $61 billion, which significantly contributes to the scarcity of Bitcoin available for purchase.

Saylor predicts that large-cap companies will soon dominate Bitcoin ownership, which is likely to reduce the number of sellers in the market, a trend supported by the ongoing accumulation by various spot Bitcoin ETFs since January 2024.

Saylor maintains a bullish outlook on Bitcoin, suggesting that its price trajectory could either plummet to zero or soar to one million dollars, a perspective that has generated optimism within the crypto community.

Following a recent decline in Bitcoin's price from over $108,000 to around $103,000, the cryptocurrency has shown signs of recovery, trading above $105,000.

Despite the humorous nature of Back's plan to buy all Bitcoin, he noted that approximately 2 million BTC remains unlocked, while the majority of the mined 19 million BTC is held in cold storage or by Bitcoin treasury companies.

Back clarified that although his limit order was genuine at one point during 2020, he ultimately utilized the liquidity to acquire Bitcoin instead.