BlackRock’s Bitcoin Video Sparks Community Debate

On December 17, investment firm BlackRock released a brief educational video about Bitcoin, including a disclaimer suggesting that the 21 million coin supply cap might be reconsidered. This note provoked a strong reaction within the community.

JUST IN: BlackRock releases 3 minute educational video explaining what #Bitcoin is. pic.twitter.com/EjqBbV0GRn

— Bitcoin Magazine (@BitcoinMagazine) December 17, 2024

“There are no guarantees that the Bitcoin emission limit of 21 million will not be changed,” reads the controversial statement.

The note appears as the narrator emphasizes that the supply is strictly limited by the rules embedded in the protocol’s code. This is a key element ensuring protection against uncontrolled issuance of new coins.

Some commentators expressed satisfaction that a major institutional player like BlackRock has taken an interest in Bitcoin and even prepared an educational video. However, many focused on the mention of the cryptocurrency’s supply cap.

The video was shared by MicroStrategy CEO Michael Saylor, though he did not comment on the contentious point.

What is this misinformation that supply cap is not guaranteed at 1:32? This is set in stone, every change to it will not be #Bitcoin anymore, it will fork into something else.

— Bold ₿itcoin Baller (@BoldBBaller) December 17, 2024

“What is this misinformation at 1:32? [The supply rules] are set in stone. Any change will mean it is no longer Bitcoin, it will fork into something else,” noted one user.

Dashpay’s marketing director Joel Valenzuela believes this is part of a conspiracy—the firm is preparing the public for the possibility that the limit might eventually change.

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

“They are getting everyone used to this prospect. When the limit is increased, it will look like it was ‘always part of the plan’. And today, in 2024, people have the audacity to say Bitcoin hasn’t been taken over,” he stated.

For some, increasing the supply is a natural phenomenon. One user noted that without changing the block size, predictable issuance and inflation would be the best solution, as otherwise miners would cease to benefit from processing transactions. 

Currently, the reward for a mined block includes not only fees but also a “subsidy” from new coins, which halves every 210,000 blocks. The current reward is 3.125 BTC.

Another commentator suggested that BlackRock is simply shielding itself from potential legal issues in the future, in case of a BTC fork and the emergence of a new coin that might be called Bitcoin. 

Since technically Bitcoin could hardfork into another coin with over 21M coins — even though the chance is near zero — Blackrock needs to cover themselves in the case it does happen in who knows, 10, 20 or 50 years down the line.

Emphasis on the fact this fork would be ANOTHER…

— Ed⚡Freedom Technology Stacker (@Crypt0lution) December 18, 2024

“Although the chances of a hard fork are near zero, BlackRock needs to insure itself in case it happens in, say, 10, 20, or 50 years. Emphasis on the fact that this fork would be another coin, even if it is called Bitcoin,” he explained.

In their 2025 forecast, BlackRock described Bitcoin as a “promising diversifier.”