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Home CRYPTO

Bitcoin Halving is the World Cup for Crypto Believers and Here is Why

by Conie
April 18, 2024
in CRYPTO
Reading Time: 3 mins read
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• The “halving” is an automatic 50% reduction in the number of bitcoin entering circulation, which is expected to push the value of bitcoin higher.

• Bitcoin hit a record high in March, fueled partly by investors anticipating the halving and the US regulatory approval of several bitcoin-based ETFs.

• While proponents expect the halving to drive up bitcoin’s price, skeptics argue that the manufactured scarcity does not create any real underlying value.

Every four years, an important event called the Bitcoin halving occurs in the world of cryptocurrency. This built-in mechanism influences the price and availability of Bitcoin, sparking excitement and speculation among crypto enthusiasts. Let’s explore what the halving is and why it matters.

What is the Bitcoin Halving?


The Bitcoin halving refers to the automatic reduction of the supply of new Bitcoin tokens entering circulation. Specifically, the reward that Bitcoin miners receive for validating transactions is cut in half. For example, in the 2020 halving the reward went from 12.5 to 6.25 Bitcoin per block. In the upcoming 2024 halving, it will further reduce from 6.25 to 3.125.

By reducing the supply of new Bitcoin, the halving aims to control inflation and drive up the value and scarcity of existing coins. This is integral to Bitcoin’s programmed design.

The Halving Effect on Bitcoin Price


In the past, Bitcoin prices have tended to increase significantly in the months following a halving event. For example, Bitcoin more than doubled in value within 8 months of the previous two halvings.

However, experts debate exactly how much the halving directly impacts price compared to other macroeconomic factors occurring simultaneously. Regardless, many crypto proponents view the halving as bullish for Bitcoin’s long-term prospects.

NEW: CNN states the #Bitcoin Halving is the "World Cup" for crypto believers pic.twitter.com/OIrDqe8ixz

— BlockNews.com (@blocknewsdotcom) April 18, 2024

When is the Next Bitcoin Halving?


The exact timing of the halving isn’t set; it depends on the rate new blocks are mined. However, estimates suggest the next halving will occur around April 19-20, 2024. Crypto traders eagerly await this major event in the Bitcoin calendar.

Conclusion


The upcoming Bitcoin halving will be a closely watched milestone for the crypto community. While the halving mechanism is set in code, its precise effects on Bitcoin’s price and adoption remain to be seen. One thing is certain: the quadrennial event will spark plenty of speculation and excitement in the months ahead.

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