Bitcoin Halving Event: Peter Schiff’s Warning to BTC Holders
Bitcoin Halving Occurs, Peter Schiff Issues Cautionary Note
As the cryptocurrency community rejoices in another successful halving event, prominent Bitcoin critic Peter Schiff delivers a sobering message to BTC holders.
The highly anticipated Bitcoin software update known as “halving” has been implemented, reducing the reward for mining new blocks by half. Occurring at 8:10 p.m. on a Friday in New York, this event typically signals a bullish trend for Bitcoin’s value. However, Schiff’s skepticism challenges the prevailing optimism.
Schiff, a vocal advocate for gold and Bitcoin skeptic, believes that the halving may not lead to a significant price increase as expected. He warns that holders may actually experience a “halving” of their net value, hinting at a potential price decline.
Sharing his thoughts on Twitter, Schiff sarcastically congratulates Bitcoiners on the halving event, expressing his doubts about the anticipated gains.
Debating Bitcoin’s Post-Halving Performance
With Bitcoin entering a new phase after the halving, the discussion about its future trajectory intensifies.
Before the halving, analytics firm IntoTheBlock highlighted past trends showing a bullish price performance following each halving, lasting about a year. Notably, miners’ BTC holdings had reached a 12-year low before the halving, indicating they had been selling off their coins.
Meanwhile, large Bitcoin holders have begun buying the dip, with the top holders adding significant amounts to their holdings at lower prices. This accumulation often precedes price increases in Bitcoin.
Currently, Bitcoin is trading slightly lower at $63,738 as investors take profits following the halving event.