๐ก Decoding the halving hype: what's behind it?
The first $BTC halving occurred exactly 11 years ago. At that time, the price of $BTC was $12, and miners received 25 $BTC for mining one block.
The next halving is scheduled for April 2024. Currently, $BTC is trading slightly above $37,000. Miners will recieve 3.125 per block.
๐ Higher production costs incentivizes miners to hold, an increasing stock-to-flow ratio - there are numerous fundamental factors supporting the price growth. But the primary is:
Halving reduces the supply of new $BTC, introducing scarcity into the market. As demand increases or even remains constant, scarcity drives up the prices. Core economic principle.
๐ฅท๐ป Right now, I won't make long-term price predictions. However, what I know for sure is evident on the historical chart - the market is gearing up for the halving well in advance. And so am I. #btc #btchalving2024