BlackRock, the most dominant asset manager globally, released an advert promoting Bitcoin. However, the advert has since received a backlash from crypto holders due to a disclaimer that questions cryptocurrency’s fixed supply.
The video is displayed on BlackRock’s website under the iShares Bitcoin Trust (IBIT) ETF page. The three-minute clip walks viewers through the evolution of money and the key principles of Bitcoin. One of the critical foundations of Bitcoin is its supply, which is fixed at 21 million Bitcoins.
While the video, like any advert, explains the advantages of Bitcoin’s fixed supply, there is a part with a disclaimer cautioning viewers about future changes in the supply cap. “There is no guarantee Bitcoin’s 21 million supply cap will not be changed.” The disclaimer is the bone of contention, with Bitcoin maximalists who feel the 21 million Bitcoin supply is a sacred tenet that makes the crypto’s status as “hard money” taking offense.
BlackRock leverages controversy to attract publicity
The controversial caption runs for about five seconds and fades away, leaving the narrator elaborating on the importance of fixed supply without touching on the disclaimer. Most observers would have skipped the disclaimer, but Michael Saylor, the founder of MicroStrategy, sharing it on his X account on Tuesday was the game changer.
Although the disclaimer appears like a footnote in the video, most crypto enthusiasts are raising concerns. One key player in the crypto space, Anatoly Yakovenko, registered his displeasure:
This is the problem with tradFi. They see crypto as an investment into a thing external to them. BlackRock and Saylor need to commit that their full nodes will always guarantee a 21m supply, and they will only call the fork that their full nodes follow Bitcoin.
~Anatoly Yakovenko
BlackRock is not making the controversial disclaimer for the time. In June 2023, while filling for the ETF, it had a footnote indicating that “a hard fork could change the source code to the Bitcoin network, including the 21 million Bitcoin supply cap.” The consistent undertone about altering the total supply of Bitcoin is not a comfortable discussion with Bitcoin lovers.
Could BlackRock influence changes in Bitcoin supply?
There is a say in the marketing and public relations space that publicity is negative or positive publicity. BlackRock’s controversial disclaimer is proving the saying. Bitcoin lovers and most crypto analysts are caught in the middle of this Bitcoin supply debate.
Some argue that BlackRock might use its authority as one of the top Bitcoin holders globally to influence changes to the Bitcoin network.
However, it isn’t easy to wish away the concerns about undoing the supply cap. Any alteration in the supply might affect Bitcoin’s financial incentive to maintain its status quo as the best crypto. It’s difficult to understand why BlackRock has constantly made it an issue.
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