During the latest Bitcoin halving, which was cause for celebration among the community, noted Bitcoin critic Peter Schiff issued a cautionary message to BTC owners instead.
The long-awaited Bitcoin adjustment, known as “halving,” has taken place. This change became effective at 8:10 p.m. on a Friday in New York, based on information from data sources mempool.space and Blockchain.com.
Many people interpret this block reward reduction event as a positive sign for the value of cryptocurrency, boosting its optimism. Yet, Schiff presents a more realistic viewpoint contrasting the widespread belief.
Peter Schiff, known for his criticism of Bitcoin and support for gold, cautions that the upcoming halving might not result in the anticipated price surge. According to him, the halving process could possibly disappoint, causing Bitcoin investors to suffer a significant decrease in their net worth instead – a “halving” of their gains, translating to lower prices.
Bitcoins supporters, congratulations on the #Halving! Are you all celebrating this event with parties tonight? I haven’t received any invitations. The term “halving” seems fitting since Bitcoin HODLers (holders) will experience a reduction of approximately half in their net worths due to the decrease in new Bitcoins being mined.
— Peter Schiff (@PeterSchiff) April 20, 2024
“Bitcoin community, you’ve achieved the Halving! Are any of you celebrating this event with parties tonight? I haven’t received an invitation. The term ‘Halving’ seems fitting as Bitcoin owners will experience a reduction by half in their wealth.”
Bitcoin’s performance after halving remains under debate
With Bitcoin’s recent halving, a significant milestone in its development, opinions clash about where its price trend is headed next.
Prior to the Bitcoin halving, data from on-chain analysis company IntoTheBlock revealed that the price of Bitcoin typically follows a specific pattern after each halving event. Specifically, they mentioned that a bullish market usually ensues and continues for approximately one year.
Additionally, the quantity of Bitcoins held by miners reached a 12-year minimum, suggesting they had offloaded more Bitcoins than they produced prior to the halving event.
In the meantime, significant Bitcoin investors, holding over 0.1% of the entire supply, seem to have taken advantage of the recent price drop and bought an additional 19,760 Bitcoins for an average cost of $62,500 on April 18th. Precedent indicates that such acquisitions from these particular addresses often signal upcoming price hikes in Bitcoin.
When I penned this, Bitcoin was experiencing a 2.17% decrease in value over the past 24 hours and was priced at $63,738 on the market. Investors were cashing out their gains after the halving event occurred.
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2024-04-20 16:19