Bitcoin Halving In 2024 Could Setup Bull Run

By Kevin • February 2, 2022 6:40 pm • Comments

According to Thailand’s largest digital asset exchange, the halving that will happen in 2024 for Bitcoin may be a catalyst for another bull run for Bitcoin and the crypto industry in general.

To give some context on what halving is, Bitcoin halving is when the the reward of mining gets cut in half which means that there will be less Bitcoins entering the blockchain system due to the reduced incentives to have mining operations.

When this happens, there will essentially be less supply while the demand continues to increase worldwide which would result in a consistent increase in the price of Bitcoin.

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The halving event so far occurs every four years and the next one is scheduled sometime in 2024.

BusinessInsider reports:

Bitcoin halving is when the reward for mining is cut in half and is part of a system designed to cap the total number of bitcoins at 21 million.

Halving occurs every four years, and since it slows the rate at which new bitcoins are created, some people believe it boosts prices.

Based on past trends, the next halving will bring a “golden period” for the world’s largest crypto, said Jirayut Srupsrisopa, CEO of Bitkub Capital Group Holdings, according to a Bloomberg report.

He expects 2024 and 2025 to be a lucrative stretch for the broader cryptocurrency market as well.

But digital tokens may first go through a brief period of corrections and volatility amid the halving process, said Srupsrisopa, who co-founded Bitkub.

Data shows right now that about 90% of the worlds bitcoin has already been mined which leaves only a small 10% that is left.

As the supply of Bitcoin stays fixed, this is a very stable reason for why prices will continue to increase provided that adoption and demand continues to surge.

It is estimated that halving schedules will continue and the last one is scheduled sometime in 2140 which is roughly over a 100 years into the future.

With that being said, the Thai crypto exchange says that it expects a lot of volatility in the meantime before we get to that point of growth.

TechiAI reports:

Another pronounced bull run for Bitcoin is coming in 2024 when the world’s largest cryptocurrency goes through another halving, according to Thailand’s largest digital-asset exchange.

Halving occurs every four years, slowing the rate at which new tokens are created. Some argue it leads to Bitcoin price gains, a topic of much debate.

Jirayut Srupsrisopa, chief executive officer of Bitkub Capital Group Holdings, said past trends suggest a“golden period” for Bitcoin — and cryptocurrencies more generally — in 2024-2025, six months after the next halving.

But first digital tokens may endure a short period of “corrections” and “high volatility” as tightening liquidity is squeezing fund inflows, especially from retail investors, he said.

Jirayut, 31, also argued the cryptocurrency market has changed because of a “big increase” in institutional interest. He co-founded Bangkok-based Bitkub, which was valued at $1 billion in November.

Bitcoin price has shed about $30,000 in value since hitting a record high of almost $69,000 in November last year. Some attribute the decline to the prospect of receding Federal Reserve stimulus, which bolstered a range of assets during the pandemic.

Currently, there is a bit of mixed sentiment for investors as many still see demand for crypto due to possible use to protect themselves from rising inflation.

Others are still wary about the impacts of regulation and how that will affect the crypto market as well as the upcoming Fed’s policy on introducing interest rate hikes.

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