BlackRock Highlights The Importance Of Haling Bitcoin For Crypto Markets

BlackRock responds to the absence of the impact of Haling Bitcoin. (Photo; Doc. Yahoo Finance)

JAKARTA - The phenomenon of Haling Bitcoin has become a topic that has constantly attracted the attention of crypto market players. Blackrock, as the world's largest asset manager with asset management reaching 10.5 trillion US dollars (Rp169,815 trillion), recently expressed their views on the importance of halving Bitcoin which is scheduled to occur around April 20, 2024.

Blackrock emphasizes that Bitcoin scarcity is one of the main reasons why these crypto assets are considered valuable. Halfing, which periodically cuts the amount of Bitcoin produced by each block to half, reinforces this scarcity. From 6.25 Bitcoins per block, the number will drop to 3.125 Bitcoins. This process will continue until the last Bitcoin is mined, which is expected to occur around 2140.

Furthermore, Blackrock underlines that haloing shows decentralized and programmatic properties of Bitcoin, as well as its resilience to inflationary pressures that often burden traditional currencies. Unlike fiat currencies that can be printed according to government or central bank policies, Bitcoin has a clear maximum limit, namely 21 million coins, which cannot be exceeded.

Predictions regarding the impact of halving on the price of Bitcoin vary. Arthur Hayes, former CEO of Bitmex, warned that prices might fall after halving. On the other hand, Bitfinex anticipates a jump in Bitcoin prices to around 150,000 to 169,000 US dollars (Rp2,424 billion to Rp2,732 billion).

Analysts at JPMorgan suggest that the haaving effect may already be reflected in current prices, while Skybridge Capital's Anthony Scaramucci argues that the market is not yet fully accounting for halving.

The increasing scarcity of post-halving Bitcoins and the potential price change of BTC are the main focus for investors and analysts. Blackrock, through their Bitcoin Trust (IBIT) Ishares, has demonstrated its commitment to providing access to these crypto assets, signaling their confidence in the long-term value of Bitcoin.