The wait is over! The most anticipated event in crypto market, Bitcoin halving is completed!
For the last couple of weeks, bitcoin halving generated a large number of traffic on Google search. In this article, we will discuss about Bitcoin Halving in detail.
Since its creation by the pseudonymous figure named Satoshi Nakamoto, Bitcoin has been structured to possess a definite supply of 21 million tokens worldwide.
The Bitcoin halving refers to an “Alteration in the foundational blockchain technology of Bitcoin.” It is generally aimed at decreasing the rate of generating new coins.
This is the fourth halving incident in Bitcoin’s history. In the first bitcoin halving in 2012, the reward dropped from $50 to $25. The most recent bitcoin halving will reduce the reward to $3.125. This is equivalent to approximately $200,000 at current prices, with Bitcoin trading at $64,000 as per April 19 reports.
Roughly once every four years the supply inflation rate of BTC are cut to half. As per recent time, approximately 900 BTC are mined daily and that figure will decrease to 450 BTC after the ongoing halving.
Meanwhile, there is no specific dates for Bitcoin halving. Generally it happens once in four years. It is predicted that, bitcoin halving will continue to happen till 2041 until all Bitcoins been mined.
Let's be honest, worldwide, economy is not so stable. During the last bitcoin halving in May 2020, the economic situation was totally different. Currently, the geopolitical scenario is also not steady. This led to an unusual downturn in crypto market. During the Asia session on April 18, Bitcoin saw a decline exceeding 5.5%, falling to $59,961 due to ongoing geopolitical tension in middle East.
In the past, during four bitcoin halving events, bitcoin price reached all-time highs. Will it happen this time? The time will only tell.
As per 2023 data, nearly 420 million people are involved in crypto market. Of course, they are curious to know more about this event. This led to a huge traffic on google search.
According to Google Trends data, “interest in the term began steadily ramping up at the start of 2024. Beginning with a score of 9 in January, interest in the ‘bitcoin halving’ keyphrase is now at 100, meaning it has never been higher.”
During last bitcoin halving, the interest among people were nearly one third than this time, aa per Google survey.
Between 2015 and 2023, the price of Bitcoin has increased by a whopping figure of 173,000%. Post-pandemic, Bitcoin attained an annual growth rate of 60% in 2021. The predicted CAGR of crypto currency is 56.4% during 2019 to 2025.
Meanwhile, Crypto currency ownership is highest in India with 93 million followed by USA (48 million), Vietnam (20 million), and Pakistan (15 million).
Bitcoin enthusiasts expect this halving to have a positive impact on the latest bull market. Proponents of the original cryptocurrency like MicroStrategy Inc. Chairman Michael Saylor said: “It is a better store of value than traditional fiat currencies, which are more vulnerable to inflation.”
