Bitcoin Developer Adam Back Addresses BlackRock’s 21 Million BTC Supply Claims
Bitcoin developer Adam Back addressed concerns regarding a BlackRock video suggesting that the total Bitcoin supply of 21 million may not be fixed. The video claimed there is no guarantee that the Bitcoin supply cap won’t change, raising alarms about the potential devaluation of Bitcoin as a store of value.
Following this statement, an X user expressed concern over the silence from Bitcoin developers, emphasizing the need to defend Bitcoin’s decentralization against corporate influence. Back clarified that the disclaimer in the BlackRock video likely stems from legal precautions, stating that it indicates BlackRock's lack of control over Bitcoin’s decentralized protocol. He emphasized that any changes to the supply cap are improbable due to strong community consensus.
Bitcoin Exchange Supply on a Decline
After Donald Trump's victory in early November 2024, Bitcoin price surged to an all-time high of $108K earlier this week, supported by strong on-chain metrics and a decrease in exchange supply. Analyst Ali Martinez reported that 74,052 BTC moved out of exchanges in December, indicating increased off-exchange storage.
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Source: Ali Charts
Despite reaching an all-time high, Bitcoin is currently experiencing selling pressure, correcting more than 10% from its peak. As of press time, BTC is trading at $94,882 with a market cap around $1.878 trillion.