According to U.Today, the Bitcoin community recently celebrated the completion of another halving event. This software update, which took effect at 8:10 p.m. Friday, New York time, reduces the reward for mining new blocks by half. Many view this event as a bullish signal for the cryptocurrency's value. However, Bitcoin critic Peter Schiff offers a contrasting perspective. Schiff, a long-time skeptic of Bitcoin and advocate for gold, warns that the halving may not necessarily lead to the anticipated price increase. He suggests that Bitcoin holders may experience a 'halving' of their net worth, implying a potential price drop.
Schiff expressed his views via a tweet, 'Congratulations, Bitcoiners, on the Halving. Are you guys commemorating this occasion by throwing parties tonight? I haven't been invited to any. I think halving is an appropriate name for what's happening as soon Bitcoin hodlers experience a halving of their net worths.' As Bitcoin enters a new phase following the completion of its latest halving event, the debate over its future trajectory continues.
Before the halving event, on-chain analytics firm IntoTheBlock highlighted the trend of BTC price performance following each Bitcoin halving. They noted that a bullish trend often emerges and lasts about a year. Additionally, miners' BTC holdings reached a 12-year low, suggesting that miners had been net sellers before the halving. Meanwhile, Bitcoin whales, who own more than 0.1% of the total supply, added 19,760 Bitcoins to their holdings at an average price of $62,500 on April 18. Historically, accumulations by these addresses have frequently foreshadowed increases in Bitcoin's price. At the time of writing, Bitcoin was trading down 2.17% in the last 24 hours to $63,738 as investors took profits following the halving event.