It is now a year left to an event that many in the crypto world are waiting for, namely the bitcoin “halving”. The halving means that the reward in bitcoin that miners get when they create a block on the blockchain is cut in half. The purpose of this is to prevent bitcoin from losing value over time.
Today, miners get 12.5 bitcoin when a block on the blockchain is “mined”. In one year, that number will drop to 6.25 bitcoin, Bitcoinist writes.
People are positive
Historically, there seems to have been a direct correlation between bitcoin’s halving and the price of the cryptocurrency. So far, the price has tended to boom about one year after each halving. Theoretically, one can imagine that it is also logical – if the supply decreases, the price should go up.
Now, a vote on Twitter, where almost 2,500 accounts have participated, shows that many in the crypto community seem to believe that the price will go up before the next halving.
61 percent believe that the price will soar from now until the halving, while 25 percent believe that the price increases will come after the halving.
How will markets react to #bitcoin 2020 halving?
— PlanB (@100trillionUSD) May 20, 2019
