Bitcoin has been halved, why no one sells?

The highest-value cryptocurrency, Bitcoin, completed its third block reward halving in the early hours of May 12, Beijing time. The reward for miners mining each block was reduced from 12.5 bitcoin to 6.25 bitcoin.

Some people in the industry believe that although Bitcoin is bullish for a long time, the halving of the sell-off may cause prices to fall sharply, but this scene has not happened. According to the comparison data, the current bitcoin price exceeds 9,000 USD, which is an increase from the halving.

Hong Kong-based Bitcoin and Cryptocurrency Exchange and Hedge Fund Panxora CEO Gavin Smith told Forbes: “The recent halving of hype has a great psychological impact and may become an attraction for new players to enter the market and promote bitcoin The catalyst for the rise in currency value. “

He believes that Bitcoin is at the “start of a multi-year bull market”, although it may experience a “bumpy road” in the future.

Last week, legendary macro investor Paul Tudor Jones said that he bought bitcoin to hedge against inflation, which was the result of the central bank printing money triggered by the unprecedented covid-19 epidemic.

Smith said, “Traditional markets have become uncertain, and we can expect more investors to use Bitcoin as a tool to hedge inflation to protect their assets from currency depreciation.”

The US Congress and the Federal Reserve have injected trillions of dollars into the US economy in recent months, which has raised concerns about inflation and runaway debt.

Jean-Marie Mognetti, CEO of Crypto asset management company CoinShares, told Forbes: “The rest of the world needs to continue printing money, otherwise it will see its currency collapse in front of the dollar. Turkey, Brazil or Argentina are the best examples. Coin is a Crypto currency, and its supply will be reduced by programming until it reaches the maximum supply, which seems to be an ideal hedge for any institutional investor portfolio. “

Some analysts believe that if bitcoin can become a safe-haven asset and a tool for hedging inflation, the price of bitcoin will accelerate in the next few years, possibly exceeding its historical high of $ 20,000.

Simon Peters, market analyst at eToro, a brokerage firm, told Forbes: “I believe we will reach a record high of US $ 20,000 to US $ 50,000 in 18 months.”

He said that the highest price for the next bull market is about US $ 100,000 to US $ 120,000 per bitcoin.

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