Bitwise CEO Predicts Massive Impact of Bitcoin Halving
CEO Bitsel Hunter Horsely caused a storm in the cryptocurrency community with his latest statement. Horsely pointed to the future Bitcoin halving He compared the incident to the previous incident of 2020. By then, Bitcoin was selling for around $9,000. With Bitcoin currently around $70,000, the imminent reduction in dollar supply would be much greater than any such event in the past. The halving, planned to be held on April 19, is expected to be a significant upward factor for the Bitcoin price.
Horsley’s comparison highlights the magnitude of the upcoming halving. This event is expected to put upward pressure on the price of the cryptocurrency once new bitcoin production decreases. The last halving in 2020 brought huge price gains, and optimism is growing that the next halving could push Bitcoin’s value even further.
Bitcoin Halving Will Affect Mining Hash Rate
The upcoming Bitcoin halving has a context that encompasses more than the event itself. Before the last halving, Federal Reserve had implemented a zero interest rate policy and launched a massive quantitative easing program. These steps have affected many markets, including the cryptocurrency market. Now, as the Federal Reserve considers a rate cut, similar scenarios could impact the cryptocurrency world. However, this prediction also raises the question of how successful the desire for newly issued Bitcoin ETFs will be.
Additionally, a research conducted by Hashrate Index, Bitcoin hashrate The link may be disconnected after the halving if the price stabilizes or increases moderately. This change in mining difficulty may have some consequences for miners. If the cost of Bitcoin drops significantly, it may need to increase its efficiency and also hedge against fluctuations and operational risks.
Bitwise Files S-1 for Ethereum Spot ETF
Recently, Bitwise achieved a milestone by filing form S-1 with the U.S. Securities and Exchange Commission (SEC). Ethereum Spot exchange-traded fund (ETF). This action demonstrates the company’s determination to navigate the ups and downs of the legal regime. It aims to further build on the success of spot Bitcoin ETFs, which deliver impressive trading volumes when launched. This move underscores Bitwise’s commitment to expanding investment opportunities in the cryptocurrency space.
This is an important step in Bitwise’s initiative to provide direct Ethereum asset exposure to investors. Spot ETFs offer a more direct relationship with the underlying asset, unlike futures-based ETFs. Such an approach is based on the company’s philosophy of providing innovative investment solutions.
Also Read: CFTC Commissioner Criticizes KuCoin Case Amid SEC Conflict
✓ Share:
Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Bitwise #CEO #Predicts #Massive #Impact #Bitcoin #Halving