Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong contrasted on Monday Bitcoin’s (CRYPTO: BTC) immutable 21 million supply cap against the growing ability to manufacture diamonds and even gold in labs.
Armstrong Touts Bitcoin’s Finite Supply
Armstrong said on X that the lab-grown diamond industry is “growing rapidly” and creating net-new gold is also becoming “real.”
The global lab-grown diamonds market size was valued at $24 billion in 2022, and is projected to reach $59.2 billion by 2032, growing at an annualized rate of 9.6% from 2023 to 2032, according to Allied Market Research.
Similarly, San Francisco startup Marathon Fusion said last week it transformed liquid mercury into stable gold atoms.
“But you can’t invent anything that will increase Bitcoin supply. There will only ever be 21M,” Armstrong argued.
Unsurprisingly, Anthony Pompliano, CEO of ProCap Financial Inc. (NASDAQ:BRR) and a long-time Bitcoin advocate, agreed with Armstrong’s take.
Can the Cap Be Altered?
Bitcoin’s open-source protocol and software code include the 21 million limit.
This rule is enforced by every independent full node on the Bitcoin blockchain. To raise the cap, the entire decentralized network would have to voluntarily adopt new rules via a hard fork.
Because of its fixed supply, Bitcoin is often seen as “digital gold,” and some, including Armstrong and Pompliano, view it as an alternative to precious metals.
Price Action: As of this writing, BTC is down 0.30% in the last 24 hours to $79,775, according to Benzinga Pro.
Photo Courtesy: bitz100 on Shutterstock.com
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