Nowadays on Twitter we have individuals, and even companies like Blackrock, declaring that if BTC doesn't increase the supply cap (and thus become like Dogecoin [they don't say that but it's implied]) then it will eventually fall to 51% attacks.
Like these:
https://x.com/Justin_Bons/status/1869794558630146293https://x.com/TheDesertLynx/status/1869445485548671270https://x.com/liberlion17/status/1869480430074044483The argument is a familiar one that has been hashed out several times in other threads and boards and is constituent of the well known "scaling problem" as its called. Except in this case, it is the security at debate here. Miners not getting paid enough rewards in transaction fees so either the price of bitcoin must double constantly or the hashrate crashes massively as miners quit and makes attacking nodes feasible.
We know that Bitcoin L1 is not going to scale up any time soon.
In my opinion, I see one of two things happening:
1. Bitcoin L1 stays at the same fee rates as they are today, but does not achieve mass adoption. There is no hashrate exodus, or attack. Prices eventually cap at some price in the distant future.
2. Bitcoin L1 gets mass adopted either through using the UTXOs themselves or by using some project on L1 like Ordinals, Runes. Fees skyrocket to 100+ sats/vbyte, and regular people use Lightning instead. (This would copy Ethereum's outcome.) There is no hashrate exodus, or attack. Prices probably don't cap until 2140 or even later.
Notice how "increase the supply cap and print more bitcoins" is
not an option.
That's because it's practically guaranteed to never happen. Nobody who owns Bitcoin will agree to do such a thing.