Recently, the well-known asset management company BlackRock released a 3-minute introduction video about Bitcoin (BTC) on 12/18, mentioning one of Bitcoin's main cores, which is the fixed supply of 21 million coins. However, a line in the video subtitles sparked widespread discussion within the Bitcoin community: 'There is no guarantee that the supply of 21 million Bitcoins will not change.' This statement has made Bitcoin supporters uneasy, even questioning whether BlackRock is paving the way for a potential hard fork or modification of the Bitcoin protocol in the future.

"There is no guarantee that the supply cap of 21 million Bitcoins will not change."

⬇️ There are also exciting intraday market perspectives at the end of the article ⬇️

Upon this statement, social media erupted with speculation that Bitcoin's supply cap was under threat. However, these concerns are unfounded and have been greatly exaggerated. Following the release of the video, Bitcoin supporters began to respond, with some asking whether BlackRock was looking to implement a 'hard fork' to increase Bitcoin's supply, while others found this 'very strange' and questioned whether BlackRock intended to influence the Bitcoin protocol. As of now, Dune data shows that BlackRock has already managed over 524,000 Bitcoins (BTC) through its Bitcoin spot ETF, with a market value of approximately $53 billion.

The supply cap is a core value of Bitcoin, which has sparked historic controversy.

The fixed supply of Bitcoin is one of its main core concepts and a belief held by many Bitcoin enthusiasts.

The significance of fixed supply: Bitcoin will not depreciate like national fiat currencies due to unlimited printing, and is considered a form of inflation-resistant 'digital gold.'

Risk of changing the cap: Changing the supply could directly undermine Bitcoin's core value, leading to a collapse of trust.

This recalls the 'Bitcoin block size war' from 2015 to 2017, where two factions engaged in heated debates over block capacity and protocol control, ultimately resulting in the small block faction's victory, preserving Bitcoin's core characteristics. This debate also led to the birth of Bitcoin Cash (BCH), which forked from the faction that supported larger blocks.

Is there a need to change the cap? Security budget issues arise.

However, some Bitcoin supporters believe that the supply may need to be increased in the future to address the so-called 'security budget crisis.' Currently, Bitcoin miners have two sources of income: 'Bitcoin generated per block' and 'transaction fees.'

However, due to the halving mechanism every four years, the block rewards will decrease, leading to reduced miner income. Some developers are concerned that in the future, relying solely on transaction fees may not cover miners' operating costs, and Bitcoin's network security will inevitably be affected.

Bitcoin developer Nikita Zhavoronkov stated earlier this year: 'The likelihood of significantly increasing fee revenue is low; the 1MB block limit must be changed.' However, Jameson Lopp, CTO of Bitcoin security asset management firm Casa, believes that concerns about the security budget are currently just hypothetical issues, with no actual evidence to support this claim. Lopp suggests that global adoption of Bitcoin should continue to alleviate this issue.

Does the BlackRock video hide intentions?

However, whether that statement in the BlackRock video was just a simple reminder or an intentional hint is still uncertain. Nevertheless, this remark has prompted the Bitcoin community to reflect on how to uphold the core values of the Bitcoin protocol.


Intraday Bitcoin perspectives:

Referencing daily lines, it appears that Bitcoin broke below the ascending channel last week. Using wave theory, one can clearly see the ABC correction wave after Bitcoin completed its five-wave upward movement; [Overall thought is to maintain a bearish outlook.]

Referencing the 1-hour chart, Bitcoin is in a trading range; the price has touched the upper resistance area of 99000 twice without successfully breaking through. The indicators are also diverging downwards.

Short-term position 98500-99500, short in batches. Average price: 99000, target position 96500, stop loss 100500.

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