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Title: Is Bitcoin’s 21 Million Cap Safe? Adam Back Explains
Bitcoin’s cap of 21 million has been a topic of debate among cryptocurrency enthusiasts and skeptics alike. Recently, prominent figures have weighed in on the matter, including Adam Back, a renowned expert in cryptography and blockchain technology.
In an exclusive interview with U.Today, Adam Back shed light on the controversy surrounding Bitcoin’s hard-coded limit. He emphasized that the 21 million cap is, in fact, a “safeguard” against the potential risks associated with inflationary policies in the cryptocurrency market.
Back pointed out that the legal disclaimer added by BlackRock, a financial giant, to their recent ETF listing stating that the number of Bitcoin’s maximum supply could be increased is mere “cautious legal coverage.” He believes that it would be “obvious” for any company selling products with no control over the underlying asset to include such language.
“It’s just their lawyers making sure they don’t get sued if the community changed the number and they’d sold bitcoin ETFs saying it could never be over 21m,” he emphasized, highlighting the impossibility of altering Bitcoin’s supply cap without a fundamental shift in its underlying protocol.
Charlie Shrem, an early Bitcoin advocate, also shared his thoughts on the matter. He emphasized that abandoning the 21 million cap would fundamentally alter the nature of the cryptocurrency, transforming it from a decentralized store of value to something entirely different.
In conclusion, Adam Back’s insight reinforces the notion that Bitcoin’s hard-coded limit is here to stay.
Source: u.today
