Ahead Of Halving Bitcoin, Crypto Market In The US Is Getting Hottered

Bitcoin, cryptocurrency number one based on market capitalization. (Photo; Doc. Unsplash)

JAKARTA - Bitcoin (BTC) is getting closer to an important event in its blockchain history - the Half event which will be held in April 2024. Although the exact date has already been known, it is now getting closer that time has added to the seriousness of monitoring the Halving Bitcoin event.

Halving is a network event where the reward scheme given to miners in the Proof-of-Work (PoW) system that powers the Bitcoin blockchain will be reduced by half. Currently, the prize is 6.25 per block, and at the time of Halving which coincides with Block 740,000, the prize will be cut to 3.125.

This decline implies a tendency to deflate on the Bitcoin protocol and extends the total supply period of BTC 21,000,000 to be produced. Many experts in the crypto market view Halving Bitcoin as an important event that confirms the narrative of technology promoted by the world's largest digital currency by market cap.

In order to welcome the upcoming Haling Bitcoin, Mike McGlone, Senior Commodity Strategic Bloomberg Intelligence, describes 2024 as a very important year for the BTC blockchain. According to McGlone, there is a high certainty that there will be a convincing global recession next year, and when the time comes, the attractive Bitcoin attraction will be recognized by institutional investors.

"It's important, what prevents this? In a bigger picture of this $10.000 move, I think that a significant amount of Bitcoin can now make you lose your hair," McGlone said in a statement quoted by CoinSpeaker.

"The bottom line is that smart investors, institutions on the planet feel every day that they need to have a share of this wealth. I think by the time we arrive in '24, at that time, we will talk about a very serious recession, all Republican politics, at least, taking sides with the president, and that will be great preparation next year. I'm looking forward to that," he added.

The position he takes on institutional investors who want to own part of this digital currency is supported by many other market experts in what many describe as an increase in ready-to-use demand for assets whose production will be significantly reduced.

With higher demand measures and lower supplies to be brought by the next Halfing Bitcoin, there is certainty that the price of BTC will be significantly affected.