At the time of writing, we are now less than 80 days away from Bitcoin’s fourth halving event, where the block reward will decrease from 6.25 bitcoins per block to 3.125 bitcoins per block post-halving. As is customary, market expectations have swelled, fueling speculation about whether the 2024 halving will diverge from its predecessors.
Anticipation for the Next Bitcoin Halving Grows
Based on current statistics and utilizing Bitcoin’s intended ten-minute block average, the fourth Bitcoin halving is just 78 days from today, scheduled for around April 21, 2024. However, the exact date remains elusive due to the variable nature of block times, which can either accelerate or decelerate the process.
For instance, as of this moment, the most recent block interval stands at seven minutes and 31.8 seconds, raising the possibility of the halving occurring as early as April 4, 2024, a mere 58 days from now. Bitcoin’s halving serves as a pivotal event ingrained in its protocol, designed to maintain its status as a deflationary asset.
This event directly influences the rate at which new bitcoins are minted and, consequently, the total supply of bitcoins in existence. Halving events are set to transpire once every 210,000 blocks, roughly equating to a four-year cycle, given the average ten-minute block time.
This schedule was etched into the Bitcoin protocol by its enigmatic creator, Satoshi Nakamoto. When Nakamoto launched the network, the first halving unfolded 1,425 days or 3.9 years later on Nov. 28, 2012, at block height 210,000, reducing the block reward from 50 BTC to 25 BTC.
The interval between the first and second halvings, transpiring on July 9, 2016, at block height 420,000, spanned 1,319 days or 3.61 years. The 2016 event further halved the block reward from 25 BTC to 12.5 BTC.
The most recent, or third halving, materialized on May 11, 2020, at block height 630,000, arriving 1,402 days or 3.84 years after the second halving. Since the third halving, 1,363 days have elapsed.
Scarcity Beckons as Proponents Hope History Repeats Its Famed Crypto Tale
Following the fourth halving, Bitcoin’s scarcity will intensify, as the inflation rate will shift from the current 1.69% annually to a mere 0.84% per annum. Bitcoin enthusiasts have high expectations for this event, with the pseudonymous analyst known as Plan B asserting that BTC “will be scarcer than gold and real estate.”
“It would surprise me if the bitcoin market cap, [which is less than $1 trillion], will stay below the gold market cap, [which is more than $10 trillion],” Plan B posted on X. “This implies a [bitcoin] price [of more than $500,000].”
Strategic advisor Mando CT, also recognized as the Xmaximist, chimed in with his insights regarding the impending halving event.
“History tends to repeat itself in the crypto world, and this time, there are extra factors that could push prices higher,” Xmaximist posted to social media. “The Fed’s interest rate hikes have halted, with cuts likely on the way. Plus, the approval of BTC ETFs makes it easier for retail investors to get in on the action.” The strategic advisor added:
In summary, now’s the time to get your halving strategy in order. With the proper preparation, you can make the most of this pivotal event in the crypto cycle.
Social media is abuzz with a flurry of posts centering on the much-anticipated halving event, with enthusiasts eagerly marking off the days. Among these posts, some are adorned with charts, serving to dismiss BTC’s recent price dip.
As Matt C aptly put it, “Bitcoin had its first -20% correction in almost a year and everyone panics. Find an OG of 2016 halving and ask if they even notice anymore.” Meanwhile, some individuals mock those who choose to part with their BTC holdings before the grand event unfolds.
“Having fun selling precious scarce bitcoin at $43,000 right now – February 2024 – two months before the fourth Bitcoin halving, LMAO,” another individual wrote. At press time, less than 11,260 blocks are left until the halving occurs.
What do you think about the upcoming fourth Bitcoin halving event? Share your thoughts and opinions about this subject in the comments section below.
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