On Wednesday, the world’s largest asset manager, BlackRock Inc. (NYSE:BLK), attracted attention after including a line in an explanatory video that seemed to refute the thesis about the finite supply of Bitcoin (CRYPTO: BTC).
What happened
The video, three minutes long, shared by several users of x — including the co-founder of MicroStrategy Inc. (NASDAQ:MSTR), Michael Taylor — reviewed the technical details of the world’s leading Cryptocurrency and its value proposition.
However, when the video got to the fixed supply part, a textual disclaimer appeared saying “There is no guarantee that the 21 million Bitcoin supply limit will not be modified.”
BlackRock explains #Bitcoinpic.twitter.com/X2fPl8tL2s
— Michael Saylor⚡️ (@saylor) December 17, 2024
This was enough to cause anxiety among Bitcoin supporters. A user, under the pseudonym The Prairie Banana, He wondered why such a disclaimer would have been included.
Why would this Bitcoin Magazine video say that Bitcoin has a fixed supply and then put a disclaimer that says “There is no guarantee that bitcoin’s 21 million supply cap will not be changed” !?https://t.co/sabCVQejm1 pic.twitter.com/lcRoEqF322
— The Prairie Banana 🍌👽 (@prairiebanana) December 19, 2024
another user, Alexandersaid, “Um…is BlackRock already thinking of a way to implement a hard fork to increase the BTC limit?”
“There is no guarantee that bitcoin’s 21 million supply cap will not be changed”
Umm is BlackRock already coming up with a way to implement a hard fork increasing the $BTC chap ? https://t.co/EFunsGT1sz pic.twitter.com/RkuZuLO0nC
— Alexander (@alexanderXchi) December 19, 2024
Joel Valenzueladirector of marketing and business development at Dashlaunched strong insinuations, even suggesting the theory of a “Bitcoin hijacking.”
THIS IS NOT AN ALTERED SCREENSHOT
Michael Saylor, the unequivocal face and most influential person in Bitcoin today, posted a video from BlackRock with a really interesting disclaimer:
“There is no guarantee that bitcoin’s 21 million supply cap will not be changed.”
They’re… pic.twitter.com/Xg3sQP9BJw
— Joel Valenzuela (@TheDesertLynx) December 18, 2024
BlackRock did not immediately respond to Benzinga’s request for clarification.
Why is it important
Bitcoin advocates have long aggressively defended its 21 million unit limit as a protection against debasement of fiat currencies and inflation, granting it a status similar to that of gold.
Theoretically, the supply limit can be modified, but thanks to the decentralized nature of the network, the process would require a consensus-driven hard fork between nodes, the entities that run Bitcoin software to validate and relay transactions.
This is the same thing that was argued Neeraj Khandelwalco-founder of cryptocurrency exchange CoinDCXwho considered that the probability of such an incident occurring is “unlikely.”
🧵Why BlackRock is wrong about Bitcoin’s 21M cap being changeable!
There is currently some FUD about the below disclaimer from Blackrock’s recent educational video. It states: ‘There is no guarantee that bitcoin’s 21 million supply will not be changed’
Some critics claim that… pic.twitter.com/Z3yAJu3V3Y
— Neeraj Khandelwal (@neerajKh_) December 19, 2024
Bitcoin price movement
At the time of this article’s publication, Bitcoin was trading at $94,553.97, down 7.43% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
You can also read: Grifols (GRFS) shares avoid dilution: asset sale and debt renegotiation explained
For more updates on this topic, activate Benzinga Spain notifications or follow us on our social networks: x and Facebook.
Receive exclusive information on market movements 30 minutes before other traders
Benzinga Pro’s 14-day free trial, available in English, gives you access to exclusive information so you can receive useful trading signals before millions of other traders. CLICK HERE to start your free trial.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
