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Adam Back: Bitcoin's Simplicity Avoids DeFi Risks

On May 24, 2026, Bitcoin OG Adam Back stated in an interview that VM-based smart contracts are too complex to secure, like Ethereum, and keeping systems simple avoids risks. 

AI helps attackers systematically find DeFi vulnerabilities. Restaking and rehypothecation build extreme leverage, functioning like privatized money printing with massive contagion risks. Conversely, Bitcoin is hard money; the safest strategy is cold storage or reputable ETFs. He added that institutional ETF allocation remains early.