๐ Bitcoin Halving Flashback:
๐ In 2012, during the first Bitcoin halving, Charlie Shrem and his peers, including Erik Voorhees and Roger Ver, were quietly nervous despite their outward confidence.
๐ฐ The halving reduced the mining reward from 50 BTC to 25 BTC per block, marking a significant milestone in Bitcoin's history.
๐ Fast forward to now, the global Bitcoin community is buzzing about the upcoming fourth halving, where block rewards will drop from 6.25 BTC to 3.125 BTC.
๐ Each halving makes Bitcoin scarcer, contributing to its deflationary nature. This scarcity is a key feature, with only 21 million Bitcoins to ever be mined, and the last one is expected to be mined by 2140.
๐ However, amidst this anticipation, Bitcoin's value has taken a hit, declining steadily over the past week. It's lost over 10% of its value despite attempts at recovery.
๐ The recent drop is attributed to negative geopolitical events in the Middle East and remarks from Fed Reserve chairman Jerome Powell, hinting at stronger inflation than previously thought. This has dimmed hopes of interest rate reductions, unfavorable news for risk assets like Bitcoin.
