Digital currencies received a significant boost entering the year and despite the tough regulatory crackdown and fear, uncertainty and doubt (FUD) that gripped the industry, the price of cryptocurrencies remained resilient.
most important event in the history of Bitcoin (BTC) Blockchain – The Halving Event – Is Now Hope For April 2024, which means it’s exactly one year away. While the timeline of this event is often known in advance, the fact that April is here adds to the seriousness of tracking the halving event.
A halving is a network event in which the reward scheme offered to miners in the proof-of-work (PoW) system that powers the bitcoin blockchain is cut in half. Currently, the reward is pegged at 6.25 per block, and by the next halving, which coincides with block 740,000, the reward will be reduced to 3.125.
This reduction signals a deflationary trend in the bitcoin protocol and further increases the timeline that a total of 21,000,000 BTC supply will be produced.
Industry Reaction to the Bitcoin Halving
Many experts in the crypto marketplace consider the bitcoin halving to be a very significant event that reinforces the technological narrative being championed by the world’s largest digital currency by market capitalization.
In line with the upcoming bitcoin halving, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone has predicted the year 2024 to be very important for the BTC blockchain. According For market heavyweights, there is a high degree of certainty that there will be a tangible global recession by next year, and when the time comes, the alluring appeal of bitcoin will be recognized by institutional investors.
“Importantly, what is stopping that trajectory? In the bigger picture of these $10,000 moves, I think well that a significant amount of bitcoin could be losing your hair now,” McGlone said in a statement. The bottom line is that astute investors, institutions on the planet realize every day that they need a piece of this money. I think by the time we get to ’24, at which point we’re going to be talking about a very, very serious recession, all politics are leaning toward the Republican, at least, the president, and that’s a great setup ahead. The year is going to happen. I’m really looking forward to it,” he said.
The position he took regarding institutional investors yearning for a piece of the digital currency is also supported by a number of other market experts, many of whom described the move as boosting ready demand for the asset. Production will drop significantly.
bitcoin price outlook
With the high demand and low supply move that will begin with the next bitcoin halving, it is a certainty that the price of BTC will be greatly affected.
Digital currency received significant boost this year despite entering and strict regulatory action And with fear, uncertainty and doubt (FUD) gripping the industry, the price of cryptocurrencies remained resilient.
digital currency is currently changing hands at $28,434.34, up 2% in the last 24 hours and up 71.74% in the year-to-date period. With the bitcoin halving historically known to aid BTC price growth, expectations remain that this trend will repeat amid enthusiasm that is expected to increase.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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