The Bitcoin community is reacting to a recent advertisement from asset manager BlackRock, which raised doubts 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 sparked intense debate. The release states that there is no absolute guarantee that Bitcoin’s supply cap will remain unchanged.
Video disclosure, common by a prominent Bitcoin advocate Michael Saylorhas raised concerns among some supporters. Some people in the community felt that the post could undermine the fundamental principles of Bitcoin.
Criticism of developer silence
In particular, Sebastian Perez, CEO of Quiverflow Inc. and Monero advocate, expressed strong criticism. Perez highlighted what he saw as a worrying silence from leading Bitcoin developers like Adam Back and Peter Todd.
He argued that decentralization and the principles of Bitcoin require a stronger defense, especially in the face of corporate influence.
Disappointed to see the silence of BTC developers @adam3us @peterktodd on @saylorand now this video from BlackRock questioning the 21 million cap. Decentralization and the principles of Bitcoin must be defended loud and clear, not left in the shadow of corporate influence.
– Sébastien (@sebp888) December 19, 2024
Notably, since the launch of its Bitcoin ETF, BlackRock has been a leading promoter of the crypto asset as its ETF product continues to accumulate more tokens amid growing demand. BlackRock now holds 553,464 BTC in its iShares Bitcoin Trust (IBIT).
Meanwhile, amid the latest ad, which the company simply aimed to leverage as a Bitcoin promotion, Perez expressed concern about the direction Bitcoin was heading, which implied that developers might turn to larger companies.
He argued that Bitcoin is moving away from its initial ideals of decentralization and freedom, describing it as a simple NFT rather than a revolutionary technology. It is worth mentioning that Perez has long been a critic of Bitcoin, proof Rather, Monero is the true decentralized and private asset.
Bitcoin developers react
Adam Back, 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 black rockas an institution selling investment products, cannot guarantee the fixed supply cap of Bitcoin, because it is not under its control.
Alright, I went to watch the video, the voiceover and text says 21 million cap etc., so if you freeze the unspoken warning there is no guarantee it can’t change. Obviously their lawyers made them write this, because they sell investment products and have no 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 a change to the supply cap, calling it a prudent legal move rather than a real threat to the integrity of Bitcoin.
Charlie Shrem, founder of the Bitcoin Foundation, highlighted that Bitcoin’s supply cap is a fundamental aspect of its design. Shrem pointed out that changing the 21 million cap would result in a completely different cryptocurrency. He framed the issue as one of technological architecture, not policy.
In response to Shrem, Return reiterated that the disclaimer simply shows legal caution. Back was reassured that the decentralized nature of Bitcoin makes such a change virtually impossible without unanimous community consensus.
Meanwhile, Canadian developer and early Bitcoin backer Peter Todd noted that the supply cap could theoretically be changed if the community came to a consensus to do so. Todd referenced his previous writings on the tail show
I wrote an entire article about tail shows: https://t.co/ChNUpifYUo
Obviously, if the community agrees to modify the limit of 21 million, it can.
– Peter Todd (@peterktodd) December 19, 2024
Additionally, Javier Bastardo, who handles public relations and marketing for stablecoin issuer Tether, argued that the disclaimer simply reflects reality. Bastardo explained that changing Bitcoin’s supply cap is very unlikely, but it is technically possible.
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