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News - "No guarantee for 21 million Bitcoin?" BlackRock receives criticism
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21-12-20242 min read
"No guarantee for 21 million Bitcoin?" BlackRock receives criticism
BlackRock publishes a video about Bitcoin stating that there is no guarantee of the total number of Bitcoins.
Asset manager BlackRock received criticism from the cryptocurrency community after publishing a promotional video about Bitcoin. In the video, BlackRock explains how Bitcoin works. At one point it says, "Bitcoin has a fixed limit of 21 million coins." However, an addition appears on the screen: "There is no guarantee that the 21 million limit will not be adjusted in the future."
What is this misinformation that supply cap is not guaranteed at 1:32? This is set in stone, every change to it will not be #Bitcoin anymore, it will fork into something else.
— Bold ₿itcoin Baller (@BoldBBaller) December 17, 2024
This addition caused outrage within the crypto world because it calls into question one of Bitcoin's most important promises. However, the explanation for this wording may be legal in nature, says Bitcoin pioneer Adam Back on X (formerly Twitter). He says: "It is clear that BlackRock's legal department added this disclaimer because they sell investment products and have no control over them."
Alright I went and watched the video, the voice over and text says 21 million cap etc then if you freeze frame unvoiced disclaimer there's no guarantee that could not change. Obviously their lawyers made them write that as they sell investment products and they don't have control
— Adam Back (@adam3us) December 19, 2024
As a financial services company, BlackRock is subject to strict compliance regulations. Since the company offers a Bitcoin investment product with IBIT, this statement seems logical.
