As a seasoned crypto investor with over a decade of experience under my belt, I find myself reassured by Adam Back’s perspective on this recent BlackRock controversy. Being deeply rooted in the community since its early days and having been cited in Satoshi Nakamoto’s white paper, Back’s insights carry significant weight.
In a recent turn of events, Blockstream’s CEO, Adam Back, has expressed his thoughts on the latest Bitcoin-related dispute involving the influential financial giant, BlackRock.
As stated by a well-known British cryptographer, as referenced in Satoshi Nakamoto’s whitepaper, the leading cryptocurrency’s scarcity remains secure against potential threats, even though there has been some discussion about this within the crypto community.
In the recent past, Michael Saylor of MicroStrategy posted an informative video on Bitcoin, originating from BlackRock. Yet, some of my followers raised concerns over a cautionary note within the video, stating that there’s no absolute assurance that the total supply of Bitcoins will be limited to 21 million.
Discussing the possibility of expanding Bitcoin’s total issuance limit has often been viewed as blasphemous within the Bitcoin community.
Instead of traditional or inflationary digital currencies, the scarcity of this cryptocurrency is a significant factor that contributes to its value proposition.
In a different take, Back characterized BlackRock’s disclaimer as mere “precautionary legal language.” He argued that BlackRock’s lawyers likely required this legal fine print due to the fact that they are offering products beyond their direct control, such as bitcoin ETFs. As he put it, “It’s just their lawyers ensuring they won’t face lawsuits if the community alters the number and they’ve sold bitcoin ETFs claiming it could never exceed 21 million.
To clarify, the disclaimer holds no significance because the community has no intention of raising the maximum amount of Bitcoins that can be mined.
As a financial analyst, I’ve been following the Bitcoin market closely and I must say, Charlie Shrem’s perspective on the subject is quite intriguing. He suggests that removing the 21 million cap for Bitcoin could essentially transform it into an entirely new cryptocurrency. This change would significantly alter the essence of what we currently know as Bitcoin.
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2024-12-20 11:09