Adam Back Predicts Gold Price Crash, Bitcoin to Benefit from Psyche 16 Asteroid

Adam Back, CEO at Blockstream, predicts that a massive inflow of gold from an asteroid approaching Earth would cause the gold price to crash. He contrasts this with Bitcoin, which has a limited supply and will not be devalued by a glut of gold. Meanwhile, Elon Musk's statement about his new "America Party" and criticism of the US dollar has sparked interest in Bitcoin, with its price jumping in response.

Adam Back, CEO at Blockstream, recently predicted that a massive inflow of gold from an approaching asteroid could cause the gold price to crash. This prediction contrasts with Bitcoin, which has a limited supply and is not subject to devaluation from a glut of gold. Meanwhile, Elon Musk's announcement of his new "America Party" and criticism of the US dollar have sparked interest in Bitcoin, with its price jumping in response.

The U.S. debt pile, which has skyrocketed to $37 trillion, has been a significant concern for investors and financial professionals. Musk, who was once a key supporter of Donald Trump, has fallen out with him over the U.S. debt ceiling and has started his own political party, the "America Party." This move comes as the U.S. government is poised to add an expected $3 trillion of debt with the recent "one, big, beautiful bill" passed by the House of Representatives [1].

Musk's criticism of the U.S. dollar and his support for Bitcoin have led to increased interest in the cryptocurrency. Analysts predict that the U.S.'s "massive fiscal expansion" could lead to a Bitcoin price boom, with some estimating that Bitcoin could reach $150,000 if it follows the historical trend of double-digit gains after major spending bills [1].

Back's prediction about the gold price crash due to an asteroid inflow underscores the importance of Bitcoin's limited supply. Unlike gold, Bitcoin's supply is fixed, making it resistant to inflation and devaluation. This unique characteristic has contributed to Bitcoin's appeal as a store of value, especially in times of economic uncertainty.

As the U.S. continues to grapple with its debt crisis, the interplay between political events, fiscal policy, and cryptocurrencies like Bitcoin will remain a critical factor for investors and financial professionals to monitor. The potential impact of Musk's America Party and the U.S. government's fiscal expansion on Bitcoin's price and the US dollar's value will be key areas to watch.

References:
[1] https://www.forbes.com/sites/digital-assets/2025/07/06/nothing-stops-this-train-37-trillion-emergency-behind-tesla-ceo-elon-musks-america-party-primes-a-bitcoin-price-bombshell/