The Bitcoin community reacts to a recent advertisement from asset manager BlackRock, which raised doubt about the 21 million BTC supply cap.
The ad, while promoting Bitcoin’s fixed supply of 21 million as a key feature, included a disclaimer that has sparked intense debate. The statement noted that there is no absolute guarantee that Bitcoin’s supply cap will remain unchanged.
The video disclosure, shared by prominent Bitcoin advocate Michael Saylor, triggered concerns among some proponents. Some individuals in the community felt that the message could undermine Bitcoin’s core principles.
Criticism of Developers’ Silence
Particularly, Sebastian Perez, CEO of Quiverflow Inc. and an advocate for Monero, voiced strong criticism. Perez highlighted what he saw as a worrying silence from key Bitcoin developers like Adam Back and Peter Todd.
He argued that Bitcoin’s decentralization and principles need stronger defense, especially in the face of corporate influence.
Disappointed to see silence from BTC devs @adam3us @peterktodd on @saylor's self-custody comments and now this BlackRock video questioning the 21M cap. Bitcoin's decentralization and principles should be defended loudly, not left in the shadows of corporate influence
— Sebastian (@sebp888) December 19, 2024
Notably, since launching its Bitcoin ETF, BlackRock has been one of the major promoters of the crypto asset, as its ETF product continues to amass more tokens amid growing demand. BlackRock now holds 553,464 BTC in its iShares Bitcoin Trust (IBIT).
Meanwhile, amid the latest ad, which the firm merely aimed to leverage as a Bitcoin promotion, Perez expressed concern about the direction Bitcoin was taking, implying that developers may be bending to large corporate entities.
He argued that Bitcoin is drifting away from its original ideals of decentralization and freedom, describing it as a mere NFT rather than a revolutionary technology. It bears mentioning that Perez has been a long-term critic of Bitcoin, supporting Monero instead as the true decentralized and private asset.
Bitcoin Devs React
Adam Back, a Bitcoin developer, cypherpunk, and CEO of Blockstream, addressed the controversy. After reviewing the ad, Back clarified that the disclaimer was likely added for legal reasons. He explained that BlackRock, as an institution selling investment products, cannot guarantee Bitcoin’s fixed supply cap, as it is not within their control.
Alright I went and watched the video, the voice over and text says 21 million cap etc then if you freeze frame unvoiced disclaimer there's no guarantee that could not change. Obviously their lawyers made them write that as they sell investment products and they don't have control
— Adam Back (@adam3us) December 19, 2024
According to Back, the community ultimately holds the power to make changes to Bitcoin’s code. He dismissed the possibility of the supply cap being altered, calling it a cautious legal move rather than a genuine threat to Bitcoin’s integrity.
Charlie Shrem, founder of The Bitcoin Foundation, noted that Bitcoin’s supply cap is a fundamental aspect of its design. Shrem pointed out that altering the 21 million cap would result in a completely different cryptocurrency. He framed the issue as a matter of technological architecture, not politics.
In response to Shrem, Back reiterated that the disclaimer merely shows legal prudence. Back reassured that the decentralized nature of Bitcoin makes such a change virtually impossible without unanimous community consensus.
Meanwhile, Peter Todd, a Canadian developer and early Bitcoin contributor, noted that the supply cap could theoretically be changed if the community reached a consensus to do so. Todd referenced his previous writings on tail emission
I wrote an entire article on tail emission: https://t.co/ChNUpifYUo
Obviously, if the community agrees to change the 21 million limit they can.
— Peter Todd (@peterktodd) December 19, 2024
Also, Javier Bastardo, who handles PR and marketing for stablecoin issuer Tether, argued that the disclaimer simply reflects reality. Bastardo explained that changing Bitcoin’s supply cap is highly unlikely, but it is technically possible.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
