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.
Increasing the max block reward isn't a bad thing, but it shouldn't be done because it is widely accepted that the limit is set in stone. Tail-emission would be an alternative that could be proposed, this ensures a steady supply of reward over time. However, I don't think it would be done, too much work and uncertainty.
Also, Dogecoin has no supply cap.
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.
Prices should probably still increase steadily, since you want the purchasing power to remain comparatively similar to today. For it to also be viable, the prices would have to also increase massively, which also potentially invite attention from adversary with considerably more resources.
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.
I hope this is the solution eventually. L1 should increase in capacity, but majority of the users should be using L2 regardless. Settlement on L1 gets expensive but doesn't ruin the utility of Bitcoin for all.