What are the Impacts of Bitcoin Halving on Its Functionalities?
The world’s largest cryptocurrency, Bitcoin has received more attention recently with the imminent halving. Many individuals in the cryptocurrency domain have shared their thoughts concerning Bitcoin’s performance in recent times as its price oscillated.
Many people have also expressed what they think about Bitcoin capable of being a safe-haven asset, a means of exchange, or as a tool for investment.
Trace Mayer, the host of the Bitcoin Knowledge Podcast, has also commented on Bitcoin’s performance. He explained how the crypto asset is assisting people where currencies issued by governments are not usable.
According to him, Bitcoin empowers people to hold their keys, run their private node, and be in charge of their money. He noted that it is a robust tool to control one’s emotion when it comes to money.
Regarding the possible impact of the imminent halving on Bitcoin’s functionalities, Mayer noted that there would be an upsurge in Bitcoin’s price following the halving, based on similar pattern after past halvings.
According to him, people are not interested in its price, but care about the transaction fees. After the halving, Mayer thinks that it will be the point where price crunching will begin, but the market will readjust to accommodate the flow of coins.
When asked what the price of Bitcoin would be by the end of the decade, he noted that the cryptocurrency is looking forward to a six-figure price by the end of 2021.
“By 2030, there’s going to be the best analytical work. Let’s look at the quantitative work and that would be plan B cause we’ve got cointegrated correlated data and considering where this thing is going and how fast it’s going, this is all really just cointegrated, correlated data.”
Featured image courtesy of Shutterstock. Source: Cryptopress.