Last updated on May 18th, 2024 at 12:09 pm
Bitwise CEO, Hunter Horsley, sent shockwaves through the cryptocurrency sphere with his recent revelations about the impending Bitcoin halving. His remarks ignited a fervent discussion among crypto enthusiasts worldwide.
The magnitude of the Halving
Horsley’s comparison between the upcoming halving and the 2020 event underscores the staggering potential impact. With Bitcoin trading at around $70,000, the anticipated reduction in supply surpasses previous occurrences, amplifying bullish sentiments.
The April 2024 Bitcoin halving may be the most impactful we’ve seen. Why?
The last Bitcoin halving, 2020, Bitcoin was at ~$9,000. So the supply reduction in $ terms was ~$9M a day, and ~$3B a year.
This halving with Bitcoin ~$70,000, it will be >3x greater in $ terms: ~$32M a…
— Hunter Horsley (@HHorsley) March 29, 2024
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Horsley pointed out that the upcoming halving will trigger a significant drop in the daily and yearly supply of Bitcoin, up to the tune of $32 million and $11 billion respectively.
Examining the halving within the broader economic landscape reveals intriguing dynamics. Horsley draws parallels with the Federal Reserve’s policies during the previous halving, suggesting a potential correlation between rate cuts and Bitcoin’s rally.
By doing a comparison to the 2020 halving event, Horsley pointed out that the upcoming halving will trigger a significant drop in the daily and yearly supply of Bitcoin, up to the tune of $32 million and $11 billion respectively.
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As the halving approaches, concerns emerge regarding its impact on mining. The Hashrate Index report indicates a possible 3-7% reduction in Bitcoin’s hashrate post-halving, posing operational challenges for miners amidst volatile market conditions.
Bitwise’s Trailblazing Moves
Amidst anticipation for the halving, Bitwise makes waves by filing for an Ethereum Spot exchange-traded fund (ETF), showcasing its commitment to pioneering investment avenues in the crypto space.
Bitcoin’s Bullish Trajectory
Horsley’s insights paint a compelling picture of Bitcoin’s future, suggesting a potential surge in price post-halving. With institutional demand on the rise and investor optimism soaring, Bitcoin’s journey to new heights seems imminent.
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Despite a minor daily dip, Bitcoin remains resilient, trading above $70,000 with a promising monthly uptrend. With its market dominance and institutional interest surging, Bitcoin solidifies its position as the leading cryptocurrency.
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