Changpeng Zhao, also known as CZ and the founder of the largest cryptocurrency exchange, recently stepped down as CEO but took to Twitter or X to address a significant query regarding the upcoming Bitcoin halving. This important milestone for crypto users is scheduled to occur later this week.
The upcoming reduction in new bitcoins created with each mined block is highly anticipated. This decrease will make bitcoin even more scarce, further increasing its value as the world’s leading cryptocurrency.
CZ issues important Bitcoin halving post
Last October, Changpeng Zhao (CZ) announced via tweet that Binance would soon have a dedicated page for the Bitcoin halving event. In his recent tweets, CZ expressed his belief that around a year after the halving takes place, the price of Bitcoin tends to rise significantly to new heights. He cautioned, however, that this increase won’t happen overnight and there may be many questions as to why.
Based on his past observations during the last three Bitcoin halvings, CZ made a statement in the post. However, he emphasized that he has no ability to foretell future events and thus abstained from sharing any Bitcoin price forecasts.
In a recent Twitter/X post, Zhao clarified that someone asked him on the platform if bitcoin halving is similar to a stock split. He replied with a simple “no” to this query. The frequency of such inquiries, which reveal a lack of understanding about the essentials of Bitcoin’s halving mechanism, according to CZ, highlights the fact that “we are still learning.”
A person inquired if the concept of Bitcoin halving was similar to a stock split. However, we’re yet to reach that stage fully. (My answer is no)
— CZ 🔶 BNB (@cz_binance) April 19, 2024
Bitcoin halving and “Omega candle”
Experts such as Samson Mow and Anthony Pompliano predict that the upcoming Bitcoin halving will significantly boost its price due to a decrease in new Bitcoins being released into circulation. This reduction in the supply rate is referred to as a “supply shock” by these experts.
After the approval of Bitcoin ETFs in mid-January, there was a surprising increase in the demand for Bitcoin. These ETFs rapidly amassed large quantities of Bitcoin, surpassing the daily production of new coins by miners.
After a supply and demand disruption following a Bitcoin halving event, Samson Mow predicted via a tweet this year that the cryptocurrency could produce what he referred to as an “Omega candle,” potentially pushing the price up to $1 million.
Currently, Bitcoins are being bought and sold for around $64,621 following a large price increase indicated by a green hourly candlestick on the chart.
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2024-04-19 11:08