Samson Mow, a Bitcoin industry veteran previously serving as CSO at Blockstream under Adam Back and now leading a Bitcoin adoption business (Jan3), took to Twitter and X to share the news: The long-awaited fourth Bitcoin halving has officially occurred.
“Bitcoin quantitative hardening” is here
The influencer, Mow, has labeled it as the “fourth form of Bitcoin’s quantitative hardening.” In contrast, the US Federal Reserve has engaged in frequent quantitative easing, releasing vast amounts of US dollars into the economy – billions and trillions, according to some estimates. Critics argue that this practice, over the past few years, has weakened the value of the US dollar.
The 4th #Bitcoin Quantitative Hardening is now complete. 🥳
— Samson Mow (@Excellion) April 20, 2024
Experts agree that the Quantitative Easing (QE) events were significant factors that propelled Bitcoin’s price past $61,500 in April 2021 and further up to its all-time high of $69,000 in November that year. In an unexpected turn of events, Bitcoin surpassed a new record price ($73,750) before the scheduled halving took place in March 2024 instead of after it.
Each halving event decreases the number of new Bitcoins given as rewards to miners for their blocks. Currently, following the most recent halving, these rewards have been lowered from 6.25 Bitcoins to 3.125 Bitcoins. This reduced reward will continue for the ensuing four years until the fifth halving occurs.
On this critical aspect of the halving Mow also commented by posting a tweet, which said: “Whatever Bitcoin you owned before this moment (Block 840,000), is now twice as hard for miners to procure for the market.”
Currently, based on data from CoinMarketCap, Bitcoin is being traded for around $63,913.
Bitcoin keeps beating gold, Mow says
The head of Jan3 additionally remarked on Bitcoin outperforming gold as a valued asset, a role previously held by gold prior to the creation of Bitcoin by Satoshi Nakamot. However, some traditional financiers continue to favor gold, with figures like Robert Kiyosaki, renowned author of “Rich Dad Poor Dad,” opting for a blend of both in their investment portfolios.
In a tweet, Mow stated that the inflation rate of Bitcoin will decrease to 0.9% following the halving, while the inflation rate for gold stays constant at 1.4%.
6 blocks to go until #Bitcoin has a lower inflation rate than gold. Bitcoin will be at 0.9% vs gold at 1.4%.
— Samson Mow (@Excellion) April 19, 2024
During his recent interview on CNBC, Anthony Pompliano pointed out that individuals who have kept their funds in traditional assets over the last five years have experienced a loss in buying power when compared to Bitcoin investors. In simpler terms, Bitcoin investors have seen their value increase more than those who held onto other assets during this period.
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2024-04-20 12:04