#GateSpotVolumeDefiesTrendRanksFirstInGrowthGlobally

Adam Back Challenges GRAM after Pavel Durov Says No One Mints Bitcoin

This statement is circulating on X, where Durov argues in an interview that governments continuously increase the money supply, while Bitcoin remains different. Back, a senior cypherpunk and core Bitcoin contributor, immediately responded in the thread that “someone still mints GRAM,” referencing the inflation schedule of that token supply.

Durov’s Confidence in Bitcoin Has Been Long-Standing

GRAM Has No Supply Cap

Unlike Bitcoin’s protocol maximum limit of 21 million coins, GRAM has no similar supply cap. This network generates new tokens daily through validator rewards, maintaining an annual inflation rate of about 0.3% to 0.6%. The total current supply is nearly 5.2 billion tokens. On the other hand, the maximum supply limit of GRAM is a governance decision, not a fixed cryptographic rule.

Back argues that Bitcoin’s monetary credibility depends on a fixed issuance schedule that can be audited, which cannot be changed by any governance decision. Therefore, he previously made a similar argument in early 2026, rejecting a debated fork proposal on the grounds that changing Bitcoin’s core rules would only create new assets, not an upgrade.

Meanwhile, the emission parameters of GRAM are determined by network validators, not by a protocol rule resilient to external pressures. This difference becomes the core challenge Back poses to Durov.

More broadly, this conversation highlights an ongoing debate about what characteristics make a digital asset suitable as a long-term store of value and how monetary policy plays a role in that assessment.