[2020-05-06] Bitcoin Halving: Bitcoin Could Be About To Make Another Major Move

[bbc.reporter]

It appears that everyone is hyping up the halving to be the cause of something positively big for the price of bitcoin. However, what if this does not follow the direction that people were made to expect?



"The bitcoin halving is only five days away and in the lead up to this event, we’re seeing a lot of people speculating on what will happen, whether the price will go up or down, or if it will be a non-event," said Danny Scott, chief executive of U.K.-based bitcoin and cryptocurrency exchange CoinCorner

"We’ve actually seen a 21% increase in sign ups during April (from the previous month) which adds to this year's strong growth in the build up to the halving," Scott added.

Elsewhere, the London-based bitcoin exchange Luno claims it will hit 4 million users in coming days—most of whom (75%) expect the bitcoin price to be "higher" or "much higher" by the end of 2020 according to a recent user survey.

The wider bitcoin and cryptocurrency industry is also cheering the coming bitcoin halving, hoping it will bring with it new users and potential sales.

Read in full https://www.forbes.com/sites/billybambrough/2020/05/06/bitcoin-halving-bitcoin-could-be-about-to-make-another-major-move/

[Naida_BR]

We are 6 days before halving and the price of Bitcoin has already started increasing.
Even if the graph cannot show something positive is about to happen, comparing to the previous halving event people and investors expect that Bitcoin price is going to go up and this is something that can push the whole market upwards by its own.

[bbc.reporter]

@Naida_BR. Part of my argument is also where would longterm sustainability come from if the real world's economy is in depression? Bitcoin does not pump on its own.

[cr1776]

@Naida_BR. Part of my argument is also where would longterm sustainability come from if the real world's economy is in depression? Bitcoin does not pump on its own.

One thing that could provide it *if* the world were in depression is people who want to protect their assets from the insane amount of money printing that would then be occurring.  Heck, it is occurring now, but one suspects it would grow even more in the event of more distress.


However, I think that continued usage and tech improvements along with the halving of new supply is probably sufficient to support an increased price over the longer term.

[gentlemand]

We are 6 days before halving and the price of Bitcoin has already started increasing.

And it'll likely start decreasing as soon as it's been and gone.

It would be great if this were the start of something but I just can't see where it'll come from. This is being grabbed the usual suspects as a way to turn a buck as it's one of the most reliable sell the news events out there.

The most interesting thing that's occurred in this run up has been that Tudor bloke declaring he's placed some futures bets on Bitcoin because of government monetary policies. If other heavyweights decide the same thing then we might off on an interesting journey.

And it doesn't matter if Average Joe is broke. He'll be the last to arrive to be shat on anyway, if he has any money left.

[bbc.reporter]

@cr1776. On a real genuine depression, many people will not have sufficient assets to protect by holding bitcoin. Poor people would better use what they have for food, water and shelter.

We witness it in the world today. Would you see a poor Asian farmer protect his assests in bitcoin?

[onrise]

We are 6 days before halving and the price of Bitcoin has already started increasing.
Even if the graph cannot show something positive is about to happen, comparing to the previous halving event people and investors expect that Bitcoin price is going to go up and this is something that can push the whole market upwards by its own.

Considering the graph recently I was reading a article and came with a chart where the prices after halving for the next one year has jumped significantly and also previous year of halving the price has risen a lot. If going by this trend then I assume that coming year also we will witness overall a good jump in the price and can see again the new ATH.

[Lucius]

@cr1776. On a real genuine depression, many people will not have sufficient assets to protect by holding bitcoin. Poor people would better use what they have for food, water and shelter.

We witness it in the world today. Would you see a poor Asian farmer protect his assests in bitcoin?

The poor Asian farmer is not in a position to invest in Bitcoin at all, if we take into account that it is very likely that he does not have access to the Internet, nor the necessary knowledge, and that he spends most of his time working in the field. People who are so poor that they cannot provide even the most basic things for life do not invest in stocks, gold or cryptocurrencies, for the reason that they have nothing to invest.

On the other hand those who already own Bitcoin they will definitely be tempted to sell all or at least part of it at some point to meet some of their personal needs. But this is happening all the time, from the very beginning until today, and the law of the free market will ensure that everyone can buy and sell BTC whenever they want.

[bbc.reporter]

@Lucius. The poor Asian farmer was only an example. On a world suffering from a real economic depression, I reckon a high percentage of 1 country's population would have lives similar to the poor Asian farmer. It might also be worse because the life of an urban poor will be harder.

In any case, wait for South Korea's economy to enter another financial crisis. It might be a good example. Their household debt is 92% of their GDP.

[lyka]

The most amazing thing is that as soon as a very big growth begins, even the poorest find money, hoping to benefit from their investments. Therefore, the growth of bitcoin is possible in the conditions of any crisis, and depends only on those who benefit from such growth.
Maybe bitcoin can solve the problem of global debt? To do this, it is enough to organize an abnormally large growth, attract money from citizens and corporations, and then ... pierce the bubble.
Yes, with bitcoin after that you can say goodbye forever. But it's not a problem, it's done.

[Lucius]

@Lucius. The poor Asian farmer was only an example. On a world suffering from a real economic depression, I reckon a high percentage of 1 country's population would have lives similar to the poor Asian farmer. It might also be worse because the life of an urban poor will be harder.

I don’t think it makes sense to compare poor farmers anywhere in the world with residents living in relatively rich countries, despite all the consequences caused by the pandemic. If you look at most EU countries, life is almost back to normal, restaurants and cafes are starting to fill up, the streets are full of people, and people are planning tourist trips. This means that people still have some money for extra expenses, at least if we are talking about the upper or middle class. Those at the bottom of society have always lived hard, and now they are likely to live even harder because that’s how most modern societies work.

The bottom line is that the poor and those close to the poverty line very rarely or not at all invest in something risky like Bitcoin, most are not even aware that such a thing exists - for a very simple reason, they do not have internet access.

South Korea is just the tip of the iceberg, hard days await all countries - especially those that were already in a rather difficult economic situation before the outbreak of the pandemic.

[Slow death]

However, what if this does not follow the direction that people were made to expect?

the price has gone up a lot and now it's $9400. now it's a matter of being patient and waiting for the next 3 months to see what the market's reaction will be. I also wondered how much the price will go up if we have this crisis? who will stop buying food and other necessities to invest in bitcoin? but on the other hand we have to ask ourselves:

because even with this crisis, prices have not fallen drastically, on the contrary are they showing great resistance?

will it be that for most people who have a lot of money believe that investing in bitcoin can be a way to protect themselves from the crisis?

[Naida_BR]

People believe that Bitcoin is not going to make because it have been almost a week and the price is not moving.
They are seeing that the price is falling and they do not have the patience to wait for the price to go up and they have just started to give up and selling.

[lijian2019]

Bitcoin's mining ecosystem fell into chaos immediately after block rewards halved in May.

Miners' incomes halved overnight, forcing many of the less profitable miners to shut down because they were unable to maintain a positive cash flow. Subsequently, the transaction speed becomes slower and the transaction cost increases.

From the peak before halving to the low after halving, the hash rate of bitcoin network has dropped by about 40%, which is the sign of "miners surrender".

Even so, bitcoin miners have found a foothold again after halving. For example, coin metrics, a blockchain data company, observed on June 14 that:

"CMBI bitcoin hash rate index shows that the hash rate has basically recovered to the level before halving."

This is undoubtedly a very good omen for cryptocurrencies,