This Crypto Industry Leader Wants to Change Bitcoin's Supply Policy. What Would It Mean for Investors?

The article discusses a proposal by StarkWare CEO and Zcash co-founder Eli Ben-Sasson to change Bitcoin’s monetary policy by replacing the fixed 21 million supply cap with a 4% annual issuance rate. The author argues the idea is highly unlikely to be adopted because it would require a hard fork, miner and developer approval, and would undermine Bitcoin’s scarcity-driven value proposition. The piece also notes a real long-term issue: miner revenues increasingly depend on transaction fees as block subsidies decline, and fees fell from about 7% of miner revenue in 2024 to roughly 1% in 2025. While the proposal is dismissed as impractical, it highlights a genuine concern about the sustainability of Bitcoin’s security model over the very long term. Market impact is mildly bearish for Bitcoin because any credible supply expansion would pressure its valuation, though the immediate likelihood of change is seen as very low.