BlackRock, the world's largest asset management firm, has sparked controversy in the community when posting a video introducing Bitcoin accompanied by the caption:
“There is no guarantee that the fixed total supply of 21 million BTC will not change in the future.”
Controversial Point
• BlackRock asserts that Bitcoin has a maximum supply of 21 million BTC, a core feature that helps prevent inflation.
• However, the caption in the video has raised concerns about the possibility of changing the total supply of BTC, which is seen as the “immutable tenet” of the Bitcoin community.
The community quickly splits into two streams of opinion:
• Criticism: Many mock #BlackRock for not understanding the fundamental principles of Bitcoin.
• Caution: Some believe this is BlackRock's way of warning investors about potential risks, although this possibility is unlikely.
Perspectives from BlackRock and the Community
In the #ETF Bitcoin application submitted to the SEC, BlackRock once stated:
“Although the likelihood is low, a hard fork upgrade to increase the total supply of BTC could negatively impact the value of Bitcoin.”
A prominent figure in the Bitcoin community, Adam Back, believes that adding this note is necessary because BlackRock does not control Bitcoin; this asset relies on the community.
The Future When Bitcoin Reaches 21 Million BTC (Year 2140)
When the total supply of Bitcoin reaches its maximum threshold:
1. Rewards for miners will no longer exist; they will only rely on transaction fees.
2. The proposal to reuse lost Bitcoin or increase the total supply of BTC to maintain the network has been discussed but has not received much support.
The History of Bitcoin and Potential Risks
• In 2010, the “value overflow” bug caused the total supply of Bitcoin to increase to 184 billion BTC before being fixed by Satoshi Nakamoto.
• These events show that Bitcoin is not entirely immune to changes caused by technical errors or majority opinions.
Conclusion
BlackRock's video inadvertently sparked a debate about the immutability of the total supply of 21 million BTC. Although the likelihood of change is low, the debate emphasizes the importance of community consensus and transparency in maintaining the core value of Bitcoin.
