- Bitcoin halving is expected to take place in May and will see mining rewards slashed to 6.25 BTC.
- Bitcoin price is expected to react positively to the forces of demand and supply after halving.
Bitcoin's four-year halving event is fast approaching. The event is expected to take place in May 2020. In less than six months mining rewards will be slashed to 6.25 BTC per block mined. Every time halving occurs, the rate of coins produced decreases, in turn, increasing demand. The forces of demand and supply eventually force Bitcoin price to react moving upwards.
Alistair Milne, a Bitcoin evangelist believes that the odds of Bitcoin price not moving upwards following the halving are very few. He reckons:
“Please tell me again how ~$45million / week of unsatisfied demand won't move the price when Bitcoin's halving occurs ...”
On other hand, Venture capitalist, Tim Draper gives out a not so conservative prediction for Bitcoin of $250,000 in the period following the halving. Besides, sentiments surrounding the event are continuing to grow across the cryptocurrency landscape.
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