Blockstream CEO Adam Back publicly denounced the economic model of Gram (GRAM) on the same day the $TON token officially reverted to its historic name, Gram, intensifying debate around Telegram’s blockchain ambitions.
Back’s Reaction to Durov’s Post
Adam Back responded to a recent Telegram founder Pavel Durov post that condemned fiat money creation and praised Bitcoin. Back’s reply highlighted the irony of Durov’s own ecosystem, writing, “someone is printing GRAM though eh :)”. Durov has not yet answered Back’s comment, leaving the exchange open-ended.
Historical Skepticism and Market Implications
Back’s criticism aligns with his long‑standing distrust of Telegram’s crypto projects, dating back to January 2020 when he labeled the initial ICO a “naked money grab.” He argued that Gram investors receive no corporate rights or traditional investor protection, contrasting the token’s design with standard venture capital structures. This stance underscores ongoing regulatory uncertainty for the Gram token, which continues to attract attention from crypto investors despite the absence of a clear price trajectory.