The next Bitcoin halving is scheduled to take place in May 2020. When this happens, the number of Bitcoins miners are able to generate per mining will reduce. It’s a mechanism that controls the number of Bitcoins that can be in circulation at a given time. Experts from different parts of the industry have weighed in on the issue.
Next Bitcoin Halving 2020 And Bitcoin Price Spike
According to the chief investment officer at Following the next Bitcoin halving, the block reward will be cut in half. If history is any indication, then this is going to fuel a meteoric bull run. Atlanta Digital Currency Fund, Alistair Milne, the next Bitcoin halving 2020 is going to cause a spike in the price of the flagship cryptocurrency. In her words:
“Just 15 months or 450 days until the next Bitcoin halving event…. can’t wait for everyone to say its already priced in for the next 12 months. It isn’t.”
Milne isn’t the only one who feels this way. The CEO of digital Currency Group, Barry Silbert, said that many cryptocurrency retail investors don’t know that the next Bitcoin block halving is going to cause a price boost for BTC. He said he has been asking investors about it for some months now and they don’t have a clue. In his words:
“I’d guess that upwards of half the people I know that invested in bitcoin have never heard of “halving” or know what it is. and those are the people that already own bitcoin. That guess is based on me asking folks over the past month.”
In its 10-year history, Bitcoin has always had a price surge in the months ahead of its block halving. Some well-known analysts say that the price starts to turn bullish gradually as Bitcoin nears its next block halving. There have been some investors who have called for a bottom at $1,000. However, it’s unlikely that Bitcoin is going to lose another 70% this year with the Bitcoin halving 2020 just around the corner.
Lost Coins And The BTC Circulating Supply
During the last Bitcoin block halving, the circulating supply was near the maximum supply. However, the case is different this time. Things like exchange mismanagement, private key losses, and dormant addresses have cost millions of Bitcoins to be lost forever on the blockchain. This has reduced the circulating supply of Bitcoin significantly. According to Chainalysis, about 4 million Bitcoins were lost in 2017 alone. The company hasn’t released any report for 2018 but millions more were lost last year. When the report was released last year, Kim Grauer, a senior economist at the company said that he was surprised this such a significant amount of Bitcoins have been lost forever. In his words:
“Firstly, we floated our findings to a few people and they all had different reactions about how surprising the figure was. But what I found most surprising/interesting was how when you unpack what it means to be “lost” things get even more confusing.”
With this upcoming Bitcoin block halving 2020, the circulating supply of the cryptocurrency will reduce even more. The Bitcoin price CCN is calling for will be more than anything we’ve seen in recent time.
What do you think? Will the Bitcoin price CCN predicted materialize? Or are things going to change this time around? Share your thoughts in the comment section.