BlackRock Bitcoin Ad Causes Controversy For Denying 21 Million Supply

Key Points:

• BlackRock Bitcoin ad included a controversial disclaimer suggesting that the 21 million BTC supply cap might be changed.
• The disclaimer, which appeared briefly in the video, raised concerns that BlackRock could use its large Bitcoin holdings to influence network changes.

BlackRock has caused an uproar in the Bitcoin community with its latest video on its iShares Bitcoin Trust (IBIT) ETF page.

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BlackRock Bitcoin Ad Causes Controversy by Including Supply Cap Disclaimer

The BlackRock Bitcoin ad, which explains the evolution of the coin and its key features, subtly included a disclaimer that seems to have raised eyebrows among crypto enthusiasts.

The narrator in the video mentions that Bitcoin has a “hard-coded rule” supply cap of 21 million coins. For five seconds, however, a small caption appeared: “There is no guarantee that Bitcoin’s 21 million supply cap will not be changed.”

This short note went into the eyes of Bitcoin maximalists, especially after Michael Saylor, the founder of MicroStrategy and a prominent Bitcoin maximalist, shared the BlackRock Bitcoin ad on his X account.

The very moment the disclaimer emerged, some immediately speculated it could be an attempt on the part of BlackRock to use its massive position in Bitcoin as leverage to force changes to the network, including a supply cap, to suit its goals. According to Bitcoin developer Adam Back, the note is an example of lawyers covering their butt since no one can foresee changes over a very long time frame.

BlackRock’s Previous Warnings Fuel Concerns Over Bitcoin’s Future Protocol

This isn’t the first time BlackRock has added such a disclaimer. In June 2023, the company’s ETF filing said: “A hard fork could change the source code to the Bitcoin network, including the 21 million Bitcoin supply cap.” These repeated mentions have engendered suspicion among some in the community.

Adding to the debate, Bitcoin developers have proposed solutions for when the network reaches its maximum supply of 21 million BTC, expected around 2140. Some have suggested re-issuing lost or burned Bitcoin to support miner incentives, which has further complicated discussions about Bitcoin’s future.