Experts share insights on the imminent Bitcoin halving: What lies ahead for the historic event?
Experts share their insights on what to expect after the upcoming Bitcoin halving in 2024. Kurt Wuckert Jr., Chief Bitcoin Historian at CoinGeek, and Joshua Petty, CEO of Ordinals Wallet, provide their perspectives on the matter.
When asked about how the Bitcoin halving will impact the Ordinals market, Wuckert Jr. states that it won’t have any effect. He explains that Ordinals volume, value, and trading are completely independent of the halving. In fact, he believes that having an Ordinals market makes any blockchain stronger as it brings commerce onto the chain regardless of the price of the base asset. Petty adds that the halving will bring more attention to Bitcoin, which in turn will benefit Ordinals.
Regarding Bitcoin’s legal status in comparison to traditional currencies like the dollar, Wuckert Jr. expresses his skepticism about the government’s ability to stop Bitcoin. He likens Bitcoin to gold and cash, both of which are difficult to regulate when people are motivated to use them. Petty shares a similar sentiment, stating that he remains confident in Bitcoin’s resilience. He suggests that even if Bitcoin were to become illegal, it could reemerge under new names. He also speculates on potential future scenarios where Bitcoin could be controlled by governments or become the base for government digital cash.
In terms of the broader market and the mining industry, Wuckert Jr. acknowledges the powerful meme that the halving creates greater scarcity and drives up the price. He notes that this meme is currently playing out as people rush to acquire available supply.
When it comes to crypto adoption among retail and institutional investors, Petty refers to the halving as a historically successful meme. He mentions that the market is currently experiencing a sense of euphoria due to the anticipation of the halving.
As the Bitcoin halving draws nearer, retail and institutional investors are buying up more Bitcoin in anticipation of a supply shock. There are even predictions that Bitcoin could surpass $100,000 by the end of 2024.
Overall, experts believe that the Bitcoin halving will have various impacts on the market, adoption, and the infrastructure of mining companies. However, they remain optimistic about Bitcoin’s future and its ability to withstand potential challenges.
