Crypto Blog
With the Bitcoin halving only hours away, analysts are at odds over whether the one-in-four-years event is already “priced in” to the crypto market.Specifically, at block 840,000, the newly created BTC attached to each Bitcoin block will fall from 6.25 BTC to 3.125 BTC, reducing its daily supply issuance by roughly 450 BTC per day.
“I think this is broadly true,” Hougan wrote. “What the EMH folks leave out, however, is that… current prices only reflect the market’s best guess of future demand for bitcoin.” Post-halving, the effect the second wave could have on Bitcoin’s price may be even more drastic given the changed composition of sellers in the market.As Hougan explained, Bitcoin miners – the first recipients of new BTC – are Bitcoin’s only “forced sellers” who will liquidate their BTC at any market price, given their high marginal costs of doing business.
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