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More and more users turn to Google to find out what the Bitcoin halving event means. But will the halving really boost BTC price? Now it’s trading below $7,000.
In what could be described as the most critical crypto event, the 2020 and the third ever Bitcoin halving event is just around the corner with only 27 days to go. The number of searches for Bitcoin halving in Google is growing.
The halving event is a predetermined moment when the Bitcoin block subsidy gets cut into half. The halving of Bitcoin block subsidy occurs every 210,000 blocks (approximately every four years) and is a key feature of Bitcoin. The event is said to happen every 210,000 block until the block subsidy reaches one satoshi, the smallest unit of bitcoin at 0.00000001 BTC. At this point, another block subsidy will only drop to zero, and miners will only collect transaction fees.
Bitcoin Halving Google Searches Are Beating Records
The approaching halving event has been a trend in both the crypto and online community with data from a top search engine Google showing that search for the term “Bitcoin halving” is hitting its all-time high.
According to the Google trends report, only last month, American users searched the term “Bitcoin halving” more than ever before, perhaps to get more insight into what it is all about. Google also preempts that as the event continues to approach, users will search more for Bitcoin halving. The search rate may double its current volume.
The global Google user data shows a similar report pointing to the fact that searches for “Bitcoin halving” will soon hit its all-time high.
On the other hand, the term “halving” has also been searched so much with a similar to “Bitcoin halving”; however, it can’t be added to search for Bitcoin halving as halving is just another word in English vocabulary.
Is BTC Price Set to Double after Halving?
As the halving event gets closer, several crypto enthusiasts are of high hopes that the crypto value would hike. However, the options market seems worried about the event turning out otherwise.
With halving, aimed at controlling BTC inflation, reducing the amount of bitcoin created every 10 minutes or so from 12.5 BTC to 6.25.
However, if demand remains constant, the cut in regular issuance should drive up the price, bulls argue. Matthew Dibb, co-founder and COO of crypto tracker, said:
“The 50 percent emission cut could catalyze the digital asset’s continued appreciation.”
It is also worth knowing that halving in all cases does not propel a bullish run with 2019 Litecoin halving as an example. After the crypto underwent its halving on Aug 5, 2019, the crypto price plunged from $100 to $40 in the four months to mid-December.
During that timeframe, its hash rate, or the computing power dedicated to mining blocks on the blockchain, also declined from 458 tera hashes per second (TH/s) to 133 TH/s, according to BitInfoCharts.