Bitcoin Halving is no more than just a Reward Reduction: No Upsurge is expected
The bitcoin halving is coming and we have so many expectations for its price after halving. Most of the crypto experts are saying that the price will go much higher. But some are very passive about it and taking it as normal. Jihan Wu stated that the bitcoin price will not increase due to halving but there are bullish signals in the long term trend.
BTC Halving is expected in May 2020
The BTC halving is expecting to happen in May of next year. The block reward will cut into half after this event. The past two halvings happened in November 2012 July and 2016 respectively; both times trend line showed a great upsurge.
But it seems that the crypto and blockchain industry has now mature enough than past and many big giant companies and investors entered the industry during this period. So, it is very difficult that the future result will be the same as the previous ones.
Warning of Bitmain CEO
World Digital Mining Summit is organized at Frankfurt by a giant mining pool and miners manufacturing company called Bitmain. Jihan Wu, co-founder and CEO of Bitmain, has remarked about the BTC future price with regards to the coming halving event that there will be no significant bullish run is expected from the digital gold.
Rather, it will show a great bullish rally in the long term race, so miners will have to invest rather shrinking out from the field.
According to Wu:
There are many uncertainties, but now is a good time to invest in crypto mining. If I were a miner, I would not stop mining but continuing to invest in mining equipment. We are currently in a short-term correction of price. Having a long-term perspective is significant. If bitcoin’s price remains unchanged after halving, the efficiency of existing equipment must be improved to balance efficiency and computing power.
Long Term Perspective is Important
This is some kind of warning on the part of Wu to the crypto community that is very excited that the bitcoin price will reach the sky-mark. But he has not wiped out all the speculation since he added that long term perspective is more important than this event.
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