Peter Schiff Calls Bitcoin Halfing Just An Excessive Hype

JAKARTA - Many people are looking forward to the half-bitcoin that will happen in April. This once every four years Haling Bitcoin works to control the circulation of Bitcoin in the market. Even so, not as much as doubting Bitcoin, including Peter Schiff.

Peter Schiff, a gold investor also known as a digital currency critic, has again expressed doubts. Schiff argues that the halving process of cutting Bitcoin mining prizes to half is just an excessive hype. According to him, this is nothing more than reducing the growth rate of the new Bitcoin supply, not the existing supply.

Speculation on the significant impact of halving on the Bitcoin price spike continues to grow, mainly as more than 90% of the total Bitcoin supply has been circulating. Halfing Bitcoin, which is scheduled to take place on April 19, is a crucial event that occurs every four years. The process will cut the miners' prizes from 6.25 to 3.125 Bitcoin per block, as an attempt to create a shortage similar to natural resources such as gold and control inflation.

With a countdown that is now 36 days away, fans and investors are carefully paying attention to the possible impact on the price of Bitcoin, which is currently above $ 72,000 (around Rp. 1,121,400,000.

Schiff Denies Positive Impact Of Halving Bitcoin

Schiff consistently denies the expected positive impact of Haling Bitcoin. He noted a bearish trend at the price of Bitcoin ahead of the May 2020 half-having, although the current global financial condition was considered to support Bitcoin. Schiff doubts that halving will automatically lead to an increase in prices.

However, Schiff's criticism was not proven when Bitcoin hit a new high at the end of 2020 and experienced a significant increase in early 2021.

Amid Schiff's doubts, some analysts remain optimistic about the post-halving Bitcoin prospects. Reported by U.today, Bernstein, global asset management firm, predicts the price of Bitcoin could reach 150,000 US dollars (around Rp2,336,250,000.), highlighting the bullish and halving market trends as a major factor.

This optimism is also supported by significant inflows into Bitcoin, with a large investment in Bitcoin ETF indicating growing institutional interest. Bernstein's analysis, based on historical data and profit margins for miners, suggests that the market situation may side with the bullish trend.