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Bitcoin Halving In 2024 Could Be A Turning Point
• February 25, 2023 11:50 am • CommentsBitcoin enthusiast Charles Edwards has shared that he believes that the next Bitcoin halving could be the most important one in Bitcoin’s history.
Based on historical data, the price of Bitcoin almost always enters a new bull run directly after the halving date which it has done for the past few halving events.
The recent bull run in January for the crypto markets may also be a signal that the market is already shifting into a new phase and sets 2023 as a year of recovery.
Edwards states that the implications of the halving event extend far beyond just crypto but also has effects on inflation and other macroeconomic areas within the global markets.
This is especially true as the industry becomes more and more integrated with existing financial markets and has a direct effect on institutional investors.
We're 70% through to the next #Bitcoin halving 👀
Plan accordingly 💥 pic.twitter.com/X7QgLseN2i
— Bitcoin Magazine (@BitcoinMagazine) February 24, 2023
Techstory.in reports:
The 2024 Bitcoin halving is fast approaching and is set to be the most important halving in Bitcoin’s history. This could lead to a major shake-up in the mining industry, with some miners facing the prospect of closing down.
The halving could lead to a decrease in the overall hash rate as miners move away from Bitcoin in search of more profitable opportunities.
This could have a positive effect on the global economy, as increased demand for Bitcoin could lead to increased investment in blockchain and cryptocurrency technology.
On the other hand, it could also lead to market volatility as investors look to capitalize on the halving of the Bitcoin reward.
This is quite the optimistic view as the industry had just recently recovered from the after effects of many crypto firms going bust as a result of the recent crypto winter.
Edwards mentions that the main concerns that would prevent BTC from entering the next bull run would be if interest rates continued to increase.
This is because higher interest rates means that it will likely combat high inflation rates which makes it more attractive for institutional investors to go back to the dollar.
As a result, this would mean less capital allocated to risk assets like Bitcoin which is still considered an alternative hedge.
Still, Edwards is optimistic that Bitcoin will become the hardest asset in the world as it starts to be considered digital gold which may allow it to overtake gold as the best store of value due to its convenient accessibility.
FYI: 431 days until the next #Bitcoin halving…
Don’t get caught up with the volatility…ups & downs because the overall value is going up! It’s what #Bitcoin was designed to do folks! pic.twitter.com/Hfccjveplo
— Ray Stender (@RaymondStender) February 25, 2023
CoinTelegraph concludes:
“Every Bitcoin halving drives a narrative shift and heightened adoption curve for Bitcoin, and the 2024 cycle is probably the most important halving we will ever see. A transition point.“
It is worth mentioning that none of the prior halvings have ever been priced in, so I am expecting multi-hundred-percent returns to continue here as well.Further, this decade we are entering the period where most technology adoption “s-curves” go vertical. That is, it takes roughly 10 years for new technologies to go from 0–10% adoption (where Bitcoin is today) and then another 10 years to go to full adoption.
Given Bitcoin usage is growing faster than the internet did in the late 90s, all signs point to the next decade being incredible for Bitcoin. The global macroeconomic backdrop also looks set to only support that adoption curve.
Great news for Bitcoin enthusiasts! The next halving event is just around the corner, and with it comes the potential for increased scarcity and value. Let's stay optimistic and keep our eyes on the future! #Bitcoin #halving #optimism https://t.co/tyrHNe9Lgc
— pixel (@pixel573456891) February 25, 2023
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