While already being in buzz, bitcoin halving is on the surface again after the Investment giant Warren Buffet’s expert Preston Pysh let the Bulls out. He Said the bitcoin price will go to $300,000. Interesting!
Bitcoin Halving !? What’s that?
Bitcoin Halving is an event in which the rewards of the miners are cut in half or in other words, mining would yield only about 50% of what it used to.
The fact that the production of BTC will be halved might result in inflation in the value of BTC. This event happens roughly every four years and will be happening for the third time on 12th May in BTC’s eleven-year history.
Now you might be thinking who governs this? Who is responsible for Bitcoin Halving? Well, no one literally no one is responsible. Instead, this halving is hardcoded inside the Blockchain.
According to the previous halving reports, serious escalation of prices was witnessed. For instance, in 2016 halving resulted in a 300% rise in BTC. The logic behind this is the basic supply-demand theory. Supply shrinks whereas the demand remains the same resulting in inflation of prices.
In addition, one of the most important reasons that give Bitcoin its value is that it is reliable and trustworthy. Amid the COVID-19 crisis, the digital nature of BTC acts as a cherry on top. Moreover, Opening a bitcoin wallet takes just a few minutes. Hence, apart from the Halving event, there are many other factors, which might result in inflation of price.
What Preston Pysh has to say about the Halving Event?
Preston Pysh, founder of Buffett books and a Warren Buffet expert confidently said in an interview with Heyo co-founder Nathan Latka that Bitcoin prices could reach more than $100,000. In fact, he believes Bitcoin prices will reach up to $300K.
Pysh previously predicted that Bitcoin would outperform Gold. Preston expects the rise of Bitcoin prices to happen after the Halving event, which will take place next month.
“ I would tell you that I think the next orbit level is $80,000 to $100,000. It’s gonna go straight through that number, and it’s probably gonna go to $200,000 or $300,000 “.
Preston also mentioned how computing power required to mine bitcoin blocks, tends to drop around the halving season and it is one of the main reasons why miners will continue to turn a profit as the scarcity of bitcoin increases.
There are some other statements that can affect the rise in Price.
- American billionaire entrepreneur and owner of Dallas Mavericks shows interest in buying Bitcoin. Mark Cuban a critic of the crypto market who has been lashing down on Bitcoin over time now has an interest in buying them. Read about it
- Erik Voorhees, CEO of Shapeshift, recently in an AMA session gave his prediction that bitcoin will hit $50K. Read about it
- The Recent News about Jeff Bezos, Amazon CEO’s Interest in buying bitcoin ( all bitcoins in circulation though). Read about it
- The emergence of bitcoin-based services payments and loans is a spar that can boom anytime and take things to the very next level.
And many others….
I am Closing here
It is easy for any country or Individual to get started with bitcoin and have a bitcoin wallet that is easy, secure, and faster than opening a Bank account.
The Blockchain and the Digital nature of bitcoin is truly a revolutionary thing that has affected the finance parallel and in the time of this COVID-19 Pandemic, Cryptocurrencies (Bitcoin) are gaining new Interests. Although, as I listed above, not only the statements of Preston Pysh but yet many factors exist that can affect the rise of bitcoin price.