In May next year, we’re going to see an event which is expected to stir up the space a tad…
Well, I say a tad, however, the bitcoin halving is one of the most anticipated crypto events since the launch of the Bakkt platform a few weeks ago, but we all know how that went.
Following the halving event, we can expect to see price changes, specifically, they are expected to go up but as we all know, anything can happen in the wacky and weird world of cryptocurrency.
Members of the Bitcoin community have taken to Twitter to reveal some important offshoots that could end up resulting from this halving.
If you take a quick look throughout history you notice that after a bitcoin split, the supply is reduced significantly following the event.
For those that don’t know, a halving is an event that only occurs on Proof-of-Work (PoW) blockchains after every 210,000 blocks are mined. This is a process that can take around four years, and in all known halvings it has taken this amount of time. Every time it happens, the block rewards are also slashed in half resulting in a reduction in the supply of the cryptocurrency.
As per ZyCrypto, they cite the crypto trading and investment community platform Crypto Rand who notes “that the first one happened in 2012 and cut supply by $302,400 each week after. The next one in 2016 saw supply cut by almost $8.2 million each week. The upcoming one is now expected to reduce supply by a whopping $51.7 million per week, “making the next Bitcoin halving the most dramatic yet.””
Regardless of speculation, as it stands the 2019 crypto market is only focused on May 2020 with its promise of improved prices, possibly bringing about a brand new all-time high.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!