Summary:
BlackRock launches a new Bitcoin advertisement that has angered the crypto community.
The video includes a disclaimer questioning Bitcoin's fixed supply of 21 million tokens.
Bitcoin maximalists are outraged by the suggestion that the supply cap could change.
Prominent figures like Michael Saylor and Anatoly Yakovenko have weighed in on the controversy.
Concerns persist about BlackRock's influence as a major Bitcoin holder in the crypto space.
BlackRock's New Bitcoin Video Ad
The world’s largest asset manager, BlackRock, has launched a new advertisement promoting Bitcoin, but it hasn't received the warm welcome they might have expected from the Bitcoin community.
The video, featured on the iShares Bitcoin Trust (IBIT) ETF page, explores the evolution of money and highlights key fundamentals of Bitcoin, including its fixed supply of 21 million tokens. However, a disclaimer in the video has raised eyebrows: “There is no guarantee Bitcoin’s 21 million supply cap will not be changed.” This statement has angered many Bitcoin maximalists, who view the fixed supply as a cornerstone of Bitcoin's integrity as “hard money.”
The disclaimer is brief, lasting about five seconds, but it has caught the attention of prominent figures in the crypto space, including Michael Saylor, founder of MicroStrategy, who shared the video, prompting discussions and criticisms.
Anatoly Yakovenko, co-founder of Solana, criticized BlackRock's approach, stating that they treat crypto as an external investment rather than a decentralized network. He challenged BlackRock and Saylor to run their own full nodes to ensure they support only the Bitcoin version with a capped supply.
This isn’t the first instance of BlackRock raising concerns. A previous ETF filing in June 2023 hinted at similar disclaimers regarding potential changes to Bitcoin's supply cap. The idea that BlackRock could leverage its position as a major Bitcoin holder to influence the network has fueled speculation among crypto enthusiasts.
Steve Patterson, a noted author, sarcastically remarked on social media about the futility of individual nodes against BlackRock's potential influence over Bitcoin's supply.
Despite the uproar, some industry insiders believe these concerns may be exaggerated. Peter Todd, an early Bitcoin developer, noted that while a hard fork to change the supply cap is technically possible, it’s unlikely to happen without community consensus.
BlackRock's insistence on such disclaimers raises questions about their intentions and the broader implications for Bitcoin's future. Adam Back, a Bitcoin OG, suggested that BlackRock's legal team likely mandated the disclaimer, reflecting their cautious approach as they sell investment products.
In a market where Bitcoin's integrity is paramount, such statements from traditional finance giants like BlackRock only serve to stir anxiety among the crypto community, highlighting the ongoing tensions between traditional finance and the decentralized ethos of cryptocurrencies.
Comments