2024-03-16
Paolo Ardoino, Bitfinex CTO and Tether CEO, highlighted the challenge of predicting the impact of the upcoming Bitcoin halving on price, citing increased demand from spot Bitcoin ETFs.
During a recent online event hosted by Bitfinex, Ardoino was asked about the potential of the upcoming Bitcoin halving and the BTC price.
He emphasized that current Bitcoin demand surpasses mining production, even before the halving, noting that while mining production will decrease by half, the majority of Bitcoins have already been produced.
This suggests a perception challenge in assessing the halving's impact on Bitcoin's price.
The upcoming halving event, reducing miner rewards from 6.25 BTC per block to 3,125, is anticipated in April.
Despite Bitcoin's price rising above $73,000 recently, it experienced a sudden decline, reaching around $65,000 March 15th 2024.
This volatility underscores the dynamic nature of the cryptocurrency market.
