The number of people searching for “Bitcoin halving” on Google has reached an all-time high, indicating growing curiosity and excitement about this event in the general public.
Based on Google Trends information, the search volume for “bitcoin halving” started increasing significantly around early 2024. The term’s score was initially 9 in January, but it has since reached an all-time high of 100.
The Bitcoin Halving Approaches
The term “Bitcoin halving” saw significant search activity the last time it occurred in May 2020. At that point, search volume was about one-third of what it is now. Looking forward, the next Bitcoin halving is predicted to take place around April 2024, according to nicehash.com.
Every approximately four years, or after the mining of around 210,000 blocks in the Bitcoin network, an event called the Bitcoin halving takes place. During this event, the rate at which new Bitcoins are created is reduced by half. Currently, around 900 Bitcoins are generated daily through mining; following the halving, only 450 new Bitcoins will be produced each day.
The reduction in new Bitcoins created during each miner’s reward, known as a halving, is seen by some as a positive sign for Bitcoin’s price. This is because it decreases the pace at which existing Bitcoin is being diluted. With this latest halving, Bitcoin’s annual inflation rate will be lower than gold’s, making it an even more attractive store of value and hedge against inflation for some investors.
“Suppose an investor having limitless funds decides to buy 450 Bitcoins each day at current market prices for the next four years and intends to keep them forever, as proposed in a recent tweet by MicroStrategy’s executive chairman, Michael Saylor, regarding Bitcoin halving.”
He proposed the hypothetical scenario: “If they were to ramp up their Bitcoin purchases to 675 per day in the year 2028, and then to 787.5 per day come 2032.”
Advertising the Halving
Numerous organizations are promoting the Bitcoin halving as a reason for people to purchase Bitcoins using their services. For instance, TD Bank recently produced an advertisement describing the halving as an occurrence that reduces the number of new Bitcoins available for sale, regardless of any increased demand for the digital asset.
This week, Coinbase shared a commercial highlighting the significant increase in Bitcoin’s buying power since each halving event, using pizza as an illustration.
Currently, the number of searches for phrases such as “purchase bitcoin” is significantly lower than in 2017 and 2021. The search interest for “Bitcoin ETF” has decreased noticeably since January as well.
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2024-04-19 10:18