Later this year, sometime around mid-2024, the next Bitcoin “Halving” will take place. This is when mining rewards are slashed in half. The last Halving took place in 2020 when the number of Bitcoins gifted to validators was cut to 6.25 Bitcoin for successfully mined blocks. This means rewards will go to 3.125 Bitcoin per successful block – something that should increase the scarcity of Bitcoin as it works towards its terminal number of BTCs. As it stands today, Bitcoin is expected to hit its cap of 21 million Bitcoins by 2140. The scarcity of the crypto is one of the reasons it is the most popular crypto in the market.
Recently, there have been some pretty bullish predictions on the future price of Bitcoin due to the recent approvals of eleven Bitcoin ETFs and the upcoming Halving.
Yesterday, Hedgie Anthony Scaramucci said that Bitcoin will rise to $170,000 by 2025. Speaking with Reuters in Davos, SkyBridge’s CEO Scaramucci stated:
“If Bitcoin’s at $45,000 on the halving, where it roughly is right now, it’ll be $170,000 by mid- to late 2025 … Wherever the price is on the day of the halving in April, multiply it by four, and it’ll reach that price in the next 18 months.”
That’s a big increase in the current price of BTC, which is currently trading at around $42,800 – of its recent high of around $49,000.
The CEO of Bitstamp, Jean-Baptiste Graftieaux, shared his thoughts on the Halving. He said the Halving is one of the most important events in Crypto. And with more demand from both individuals and institutions, this year’s Halving is set to be “the biggest yet.”
“Though there may be some initial volatility, these events are generally bullish for the asset in the longer term, pointing to the growth of the network. However, investors must always conduct their own due diligence – and never invest more than they are comfortable with, with exchanges also responsible for providing educational resources around investment.”
While Graftieaux is more cautious in his predictions, there are others on the side of Scaramucci who anticipate a big bull run in the next 18 months. Still, others have made bold predictions in the past, and they have not always worked out.
