The Bitcoin “Halvening” Is Upon Us 🤓

The Bitcoin “Halvening” Is Upon Us

The appeal of Bitcoin has long been its disconnect from everything else. It’s a dollar hedge, a non-fiat rebellion, and through the night, a technical event took place that could send the cryptocurrency into a spin today. The Bitcoin “Halvening” is upon us!

Coins are ‘mined’ by supercomputers that crunch complex mathematical equations known as ‘blocks.’ The rewards in mining are being reduced by half from 12.5 to 6.25, so far fewer coins can now enter circulation.

This will make for a “harder” digital token, supposedly better at combating inflation.

Investors are sat on the edge of their seats this morning, as another Bitcoin halving ceremony four years ago proved to be the bottom of a multi-year rut and the catalyst for a multi-year rally. The more gains, the louder arguments become for institutional crypto-adoption.

There’s been an enormous price run-up to this day as many enthusiasts expected, thousands getting in position to profit from this event. The tokens more than doubled since being panic-sold in March. However, the profit-taking kicked in yesterday.

The price of Bitcoin crashed, again, leaving majority of market participants convinced that the only way to avoid Bitcoin’s volatility is not to buy any at all. This is a zero-sum game. In other words, lots of wealth is transferred for these tokens, but no wealth is created by them, as whatever one person makes is lost by a counter party.

It could be the future, maybe, or it could be a giant head-fake. Happy Halving, everyone!

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