The CEO and creator of Binance Exchange, Changpeng Zhao, posted a link to a post on the X app after it was published on the brand-new Binance Feed platform, which is a component of Binance rather than a different website.
CZ discussed the impending Bitcoin halving in the piece; it will happen in around six months. CZ discussed his observations from the three Bitcoin halvings that have come before.
“Bitcoin price hits multiple ATHs,” “people have short memory”
In his piece, CZ considered the query that newcomers to the cryptocurrency world frequently have: “What happens around Bitcoin halvings?” CZ was only providing his insights about how the past three halvings affected Bitcoin and its price since, as he acknowledged, he cannot forecast the future.
What Binance CEO CZ Anticipates for Bitcoin’s Upcoming Halving,What Binance CEO CZ Anticipates for Bitcoin’s Upcoming Halving
Changpeng said that there is always an upsurge in pre-halving conversations, anxiety, anticipation, and hype a few months prior to the event. The halving has little effect on the BTC jump—at least, it “will not double overnight”—and people will start to wonder why, CZ said in a sarcastic manner.
As stated by CZ, “people ask why” and that the price of Bitcoin will start reaching different all-time highs no sooner than a year following the halving event. People’s memories are brief,” CZ said. Additionally, he emphasised that “history does not predict the future” and that there is no evidence of a causal relationship between price halvings of bitcoin.
2024 Bitcoin halving
The purpose of the Bitcoin halving, sometimes called halvening, is to increase the deflationary nature of the coin by reducing the incentives that miners earn by half. This implies that the quantity of coins added to the market is likewise cut in half. It functions with cryptocurrencies based on proof of work.
The world’s most popular cryptocurrency, Bitcoin, will halve in April or May of next year. This would be the fourth halving of BTC in history. There are halvings every four years. When the pandemic struck the markets in 2020, it was the prior one for Bitcoin. The price of Bitcoin hit fresh all-time highs in April and October of the following year.
In the second, Bitcoin nearly reached $69,000. However, a lot of people think that the main reason why digital gold, or Bitcoin as it is often known, hit the new all-time high in 2021 was not so much the halving as it was the US government producing trillions of dollars since the start of 2020. Over $6 trillion was pumped into the U.S. economy in that one year alone in the form of $1,200 “survival checks” and money manufactured to support big firms and banks.
What Binance CEO CZ Anticipates for Bitcoin’s Upcoming Halving,What Binance CEO CZ Anticipates for Bitcoin’s Upcoming Halving,What Binance CEO CZ Anticipates for Bitcoin’s Upcoming Halving