Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.
Will the Bitcoin halving event still happen? Many people think it won’t but it will still occur and bring a lot of surprises with it as well.
The Bitcoin halving event is set to happen in just about 29 days. This is one of the crypto space’s biggest events. The reward for mining Bitcoins is going to be reduced by 50%.
Previous events have been followed by significant changes in Bitcoin price. These events have seen an influx of people into the crypto space as well. In essence, previous halving events have been a good thing.
Many Are Wondering whether Bitcoin Halving Event Will Boost the Price
This time, many people are wondering if a similar situation will occur. This is because of the current COVID-19 pandemic. The coronavirus has changed everything we do as human beings.
For the first time in about a hundred years, people are facing a global medical situation that is causing damage in huge numbers. In many countries, the numbers of the infected and dead of this coronavirus are rising daily.
The general coordinated response has been movement restrictions for all non-essential businesses and services. Nations have shut down their borders ad even most cities across the globe are currently in lockdown. This has slowed down most businesses.
Global financial markets are in a tailspin as the world struggles to find a treatment regimen, a cure and a vaccine at the same time. This has led many to believe that this is the end of the World as we know it as well. And the crypto space along with other global markets will disappear altogether.
While some markets will tank, the crypto space will remain functional throughout this crisis period. The reason for this is that apart from the significant market drop on March 12th, 2020, cryptocurrency prices have been stable.
The shutdown of two cryptocurrency exchanges was the reason for this. Things have settled down “crypto style” as Bitcoin price hovers around $6,000+. Prices have returned to their normal levels amidst the regular volatility.
Bitcoin Is to Become a Store of Value for Investors
This gives further credence to the principle of Bitcoin being a store of value during periods of crisis. Bitcoin prices will also face further upward pressure as unemployment sweeps across the globe due to movement restrictions.
Current trends also identify an increase in online activity. This increase is bound to spill over into the crypto space. New members and adopters of cryptocurrencies shall enter the crypto space. This will increase as the Bitcoin halving event occurs as well.
The COVID-19 situation has put world governments in a fix. Their final solution has been to keep throwing money at the bottomless pit of negative markets. Many fear that this will lead to massive inflation when things even out. This could be true for many economies as things will return to normal one day.
A lot of this money will find its way to the crypto space. Many people will also turn to cryptocurrencies as a store of value while the prices of goods and services go northwards. There is every reason for the Bitcoin halving event to occur and it will happen because of Criss periods like not. Not despite them.
At the time of writing, Bitcoin (BTC) price was at $6,708.78 (-1.96%).