The well-known asset management company BlackRock released a 3-minute Bitcoin (BTC) introduction video on 12/18, mentioning one of Bitcoin's main cores, which is the fixed supply of 21 million. However, a statement in the video subtitles sparked widespread discussion in the Bitcoin community: 'It cannot be guaranteed that Bitcoin's supply of 21 million will not change.' This statement has made Bitcoin supporters uneasy, raising doubts about whether BlackRock is paving the way for a potential future hard fork or modification of the Bitcoin protocol.
Concerns and responses from the Bitcoin community
After the video was released, Bitcoin supporters began to respond. Some asked whether BlackRock is trying to implement a 'hard fork' to increase Bitcoin's supply, while others found it 'strange' and wondered if BlackRock intends to influence the Bitcoin protocol. As of now, Dune data shows that BlackRock has already managed over 524,000 Bitcoins (BTC) through its own Bitcoin spot ETF, with a market value of about $53 billion.
The supply cap is a core value of Bitcoin, which has sparked historic controversies.
The fixed supply of Bitcoin is one of the main core concepts of Bitcoin and is a belief held by many Bitcoin enthusiasts.
The significance of fixed supply: Bitcoin will not depreciate like fiat currencies due to unlimited printing, and is seen as a form of anti-inflation 'digital gold.'
Risk of changing the cap: Altering the supply could directly undermine Bitcoin's core value, leading to a collapse of trust.
This reminds us of the 'Bitcoin block size war' from 2015 to 2017, when two factions engaged in fierce debates about block capacity and protocol control, ultimately resulting in the victory of the small block faction, preserving Bitcoin's core characteristics. This debate also ultimately led to the birth of Bitcoin Cash (BCH), which was forked from the pro-large block faction.
(Speed Read Vitalik | Reflection on the Bitcoin Block Size War: The Story of Two Perspectives)
Is there a need to change the cap? Security budget issues arise.
However, some Bitcoin supporters believe that it may be necessary to increase the supply in the future to solve the so-called 'security budget crisis.' For Bitcoin miners, current income comes from two parts: 'the Bitcoin generated from each block' and 'transaction fees.'
However, due to the halving mechanism every four years, Bitcoin's block rewards will decrease, thereby reducing miners' income. Some developers are concerned that in the future, relying solely on transaction fees may not cover miners' operating costs, inevitably affecting Bitcoin's network security.
Bitcoin developer Nikita Zhavoronkov stated earlier this year: 'The likelihood of significantly increasing fee revenue is low; we must change the 1 MB block limit.' However, Jameson Lopp, CTO of Casa, a Bitcoin security asset management company, believes that the concerns about the security budget can currently only be considered hypothetical, as there is no actual evidence to support this claim. Lopp suggests that we should continue to expand Bitcoin's global adoption to alleviate this issue.
BlackRock video hides intentions?
But whether that statement in the BlackRock video is merely a reminder or an intentional hint is still uncertain. However, this statement has already led the Bitcoin community to reflect on how to uphold the core values of the Bitcoin protocol.
This article discusses the controversy surrounding BlackRock's Bitcoin explanatory video! Does it imply a change to the 21 million supply cap, potentially leading to a hard fork? First appeared in Chain News ABMedia.
