Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviewed Nic Carter, Co-founder of Coin Metrics, who shared valuable insights about Bitcoin during their recent conversation. Nic elaborated on various important aspects of Bitcoin, with a major focus on the effects of the Bitcoin halving and broader cryptocurrency trends.
Here are the main topics he covered:
- Bitcoin Halving Expectations: Carter shared his thoughts on the upcoming Bitcoin halving event, which typically occurs every four years (or after 210,000 blocks have been mined), reducing the reward for mining a Bitcoin block by half. This upcoming halving will decrease the reward from 6.25 Bitcoins to 3.125 Bitcoins per block. Carter expressed a somewhat contrarian view to the common bullish sentiment surrounding halving events. He suggested that the halving might not lead to a significant positive price action and could potentially be a “sell the news” event, indicating only a marginal change due to the reduced issuance rate of new Bitcoins.
- Impact on Bitcoin Miners: He discussed the potential impacts of the halving on Bitcoin miners, noting that the reduced block reward could lower their revenue significantly, possibly leading to consolidation or insolvency among miners. This scenario could pressure them to sell off Bitcoin holdings, which might affect the Bitcoin price negatively.
- Long-Term Bitcoin Price Predictions: Despite the potential short-term volatility around the halving, Carter remained bullish on Bitcoin’s long-term price, citing ongoing demand factors as more significant than supply-side changes due to the halving.
- Bitcoin’s Role in the Financial Ecosystem: Carter elaborated on Bitcoin’s integration into the broader financial system, highlighting its growing acceptance as a legitimate asset class, particularly following the January 2024 launch of spot Bitcoin ETFs in the U.S.
- Technological Innovations and Bitcoin’s Future: He discussed the importance of technological advancements for Bitcoin’s continued relevance and competitiveness among cryptocurrencies. He emphasized the development of new layer-2 networks on Bitcoin, which would improve its programmability and transaction capacity. He said this development could bring Bitcoin technologically on par with other major blockchain platforms like Ethereum.
- Reaction to Economic and Geopolitical Trends: Carter noted that macroeconomic factors such as monetary policies and liquidity conditions significantly impact Bitcoin’s price. He argued that Bitcoin’s appeal as a hedge against monetary repression and potential crises in sovereign currencies continues to support its value proposition as a “safe haven” asset.
Read More
- Will MCU’s Blade Movie Be Rated-R Following Deadpool & Wolverine’s Rating? Kevin Feige Reveals
- ZRO PREDICTION. ZRO cryptocurrency
- Sakamoto Days Chapter 176 Will Likely Return To The Present; Release Date, Where To Read And More
- Guy Fieri Meets Flavor Flav As They Support U.S. Women’s Water Polo Team At 2024 Paris Olympics
- From Aaron W. Reed To Vinnie Jones: All The Actors Who Played Juggernaut So Far
- House Of The Dragon To Reportedly End With Season 4; Season 3 Shooting Schedule Explained
- How Responsible Is Matthew Perry’s Assistant For His Death? Here’s What Legal Experts Has To Say
- Millie Bobby Brown’s Nineteen Steps Set To Get Big Screen Adaptation; Know More Here
- USD HKD PREDICTION
- IQ PREDICTION. IQ cryptocurrency
2024-04-15 14:00