The debate over bitcoin's fixed supply has been reignited by a video from BlackRock, raising questions about the possibility of changing the 21 million unit limit. This discussion sparked varied reactions within the crypto community, highlighting the importance of this characteristic for BTC.
Debate on the fixed supply of bitcoin after the BlackRock Video
In a recent video, BlackRock explained that bitcoin's supply is limited to 21 million units, a feature often highlighted as one of the cryptocurrency's main strengths as a store of value. However, the video also included a disclaimer stating that there is “no guarantee” that this limit will not change in the future.
Michael Saylor, president of MicroStrategy, reposted the videohighlighting the importance of this fixed limit for the scarcity and value of BTC. Some critics have suggested that this disclaimer may indicate an imperfect understanding of the immutable nature of bitcoin by BlackRock.
The possibility of a change in the offer
Whether the supply of bitcoin can be changed depends on the very definition of “Bitcoin.” According to Super Testnet, a change in the offering would require consensus among community members, including node operators, core developers, miners and investors. Such a change would likely involve a hard fork of the blockchain, creating a new chain with different rules.
However, he points out that even if this is theoretically possible, the resulting new chain would no longer be considered Bitcoin. “The inflation cap is a defining feature of Bitcoin,” he said, referring to Satoshi Nakamoto’s white paper.
Implication for the future of bitcoin
The idea of uncapped supply could have profound implications for bitcoin. The scarcity of BTC is often cited as a key reason for its appeal as a store of value. If this scarcity were called into question, it could affect investor perception and the value of crypto.
In short, although BlackRock's video has reignited the debate on the fixed supply of BTC, this fundamental characteristic is unlikely to be changed without significant consensus within the community. The immutable nature of Bitcoin remains one of its greatest strengths, and any attempt to change this characteristic would likely encounter considerable resistance.
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