Every 210000 blocks Bitcoin halves. This means that the reward given to miners for adding a block to the blockchain is cut in half. Next halving will occur when we reach block number 630000, some day in May of 2020. Current block reward is 12.5 Bitcoins, this means that the block reward will be 6.25 Bitcoins. Will scarcity make the price increase?
Blockchain and Bitcoin is a relatively new technology and monetary system. This will only be the third halving in Bitcoin blockchain’s history since it’s creation in the year of 2008 by Satoshi Nakamoto, and it’s inception to the public in 2009. This means we don’t have much history to analyze a possible price increase, but with the data that we have it is a possibility that we could see Bitcoin’s price increase to around $35,000 USD in the month of May of 2020.
Bitcoin’s first halving November 28th, 2012. we saw a price increase of over 5000% just right before the second halving in July 9th of 2016. Bitcoin’s second halving took place in July 9th of 2016. Could we see an increase of another 5000% between the second halving and when the third halving occurs? That would put Bitcoin’s price around $35,000 in the month of May, 2020.
Look at our analysis in the following image. NOTE: This is not financial advice, this is only a possibility, not a fact.
How many of you out there still think that Bitcoin is blockchain technology? And that it is applicable only for Read more
It is impressive to see how much has been achieved in the blockchain and crypto community since the inception of Read more
Over a decade ago, Bitcoin was introduced to the world; it was received with a lot of resistance from critics Read more