‘Same 21 million cap’ – Michael Saylor dismisses ‘paper Bitcoin’ fears
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Michael Saylor dismissed concerns that “paper Bitcoin”—claims on bitcoin held through financial products—could undermine Bitcoin’s 21 million supply cap. He argued that such claims do not change the protocol’s fixed limit, though they may represent exposure to bitcoin without direct ownership. The distinction remains important: the cap governs on-chain issuance, while the scale and risks of off-chain claims depend on issuers and market practices.
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