According to the CEO of Crypto.com, the approaching Bitcoin halving may follow the common pattern where people buy before an anticipated event and then sell once it happens – a trend referred to as “buy-the-rumor, sell-the-news.”
In the long run, the executive is convinced that the scheduled Bitcoin halving on April 20th will ultimately boost the cryptocurrency’s value.
Bitcoin Halving’s Long-Term Impact Will Be Positive
In a recent conversation with Bloomberg, Kris Marszalek, the CEO of Crypto.com, expressed his views on the Bitcoin halving. He mentioned that an initial surge in selling might occur; however, the eventual outcome for the cryptocurrency’s value will be favorable.
In the near future, the reward for mining Bitcoin will be cut in half during the halving event. This poses a problem for miners as they’ll earn less for each block they mine. Preparation has been underway for quite some time now, with miners stockpiling Bitcoin and enhancing their equipment to tackle the heightened computational requirements that follow the halving.
Historically, the Bitcoin supply being cut in half during a halving event has led to price rises. This may be due to the decreased production of new Bitcoins. However, some critics question whether this pattern will repeat itself, considering Bitcoin’s previous all-time high price reached in mid-March.
Although there may be some doubts in the near future, Marszalek is confident that the next six months will bring significant activity to the Bitcoin market.
Industry Experts on Bitcoin Halving’s Impact
Last week, Fred Thiel, CEO of Marathon, expressed his belief that some effects of Bitcoin’s anticipated halving might have already surfaced in the market. He pointed out that the recent approval of Bitcoin ETFs has drawn substantial investment into the market and could be contributing to the price rise earlier than usual, which typically occurs three to six months after the halving event.
Billionaire Arthur Hayes expressed a cautious viewpoint regarding the upcoming Bitcoin halving and its potential effect on the price. Unlike some industry professionals who predict a significant price surge following the event, Hayes suspects that the price trend leading up to and after the halving may exhibit unfavorable movements.
Coinbase has expressed concern, just like others, about potential obstacles for Bitcoin’s continued rise due to investors holding back, hoping for higher prices before the upcoming halving event, particularly given the seasonal context.
Despite the skepticism expressed by some in the industry, Brad Garlinghouse, Ripple‘s CEO, remains hopeful. He anticipates that the value of all crypto assets combined will more than double in 2021. This optimistic view is largely based on the expected approval of spot Bitcoin Exchange Traded Funds (ETFs) and the upcoming Bitcoin halving event.
At present, Bitcoin is priced at $62,800 on various exchanges, representing a 5.5% decrease within the past 24 hours and a more significant 11.1% decline over the last week based on CoinGecko’s data. The overall crypto market has mirrored this trend, causing the global crypto market capitalization to drop by approximately 6% in just one day, now standing at $2.4 trillion.
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2024-04-16 20:16