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Is Bitcoin’s 21 Million Cap Safe?
In a recent conversation, renowned cryptographer and early Bitcoin advocate Adam Back has shed light on the long-standing topic of Bitcoin’s maximum supply cap. According to him, BlackRock’s disclaimer about the potential for an increase in Bitcoin’s supply is nothing more than “cautious legal coverage.” Back believes that it is evident that BlackRock’s lawyers insisted on adding this fine print due to the financial giant selling products they have no control over.
“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 21 million,” he said, downplaying the significance of BlackRock’s disclaimer.
Back’s stance is in line with the general consensus among the Bitcoin community. The notion that Bitcoin’s supply can be increased has been met with skepticism, as many argue that such a drastic change would fundamentally alter the nature of the cryptocurrency.
Notably, early Bitcoin advocate Charlie Shrem has expressed similar sentiments. He believes that abandoning the 21 million cap would transform Bitcoin into an entirely different coin, losing its essence and the trust placed in it by users.
In light of this, Back’s comments serve as a reminder that any attempt to increase Bitcoin’s supply would be met with resistance from the community. The integrity of the cryptocurrency is deeply tied to the unalterable 21 million cap, which has been an integral part of its appeal since its inception.
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Source: u.today
