✨ BlackRock’s Bitcoin Video Sparks Excitement and Debate
posted 3 hr ago
BlackRock, the world’s largest asset manager, released an educational video about Bitcoin. In the 3-minute video, the company explains the history of money and how Bitcoin works as an asset for transactions and a store of value.
BlackRock mentions that value isn’t something an asset just has; it’s something we agree the object represents.
The object can be many things, even as it turns out to be a string of digital code”- the video says
Next, the video discusses Bitcoin’s rise as a new type of currency and asset. It describes BTC as a digital currency that is not governed by banks or governments but by its global community of users.
Mentioning Bitcoin’s benefits, such as being exchanged peer-to-peer and providing financial opportunities to people without banking access, BlackRock also talks about Bitcoin’s supply.
And here’s the part that sparked the debate.
The issue is that, despite BlackRock mentioning Bitcoin’s fixed supply of 21 million coins, it added this disclaimer:
There is no guarantee that bitcoin’s 21 million supply cap will not be changed.
Discussions began following MicroStrategy CEO Michael Saylor’s repost of the video on X.
Many X users, including Joel Valenzuela, director of marketing and business development at Dashpay, raised questions about what the asset manager meant with this remark.
Sharing his thoughts, Valenzuela said changing Bitcoin’s supply would be part of the "Bitcoin hijacking" process, where the asset is no longer decentralized but controlled by large institutions.
Other users suggested that BlackRock might have included the statement for legal reasons as part of corporate policy. Some community members also pointed out that if the supply changes, Bitcoin will fork into something else.
In the comments, you’ll also find Bitcoin skeptic Peter Schiff, who said, “Wall Street has really hit a new low with Bitcoin.”
Note that in January 2024, BlackRock launched its Bitcoin ETF (IBIT), a fund tracking the spot price of Bitcoin. Since its launch, the fund has accumulated $36.3 billion in positive net flows, making it the decade’s top ETF in inflows.
BlackRock’s offering of Bitcoin investments to their clients and sharing educational content about the coin could potentially increase its adoption and drive the price higher.Currently, Bitcoin trades at around $102,000 with a market cap of over $2 trillion.
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