Bitcoin halving searches in Google have surged in the last few weeks. We have now less than 30 days before the halving event takes place and the entire crypto market seems to be very interested in the effects that the halving event could have on Bitcoin (BTC).
Bitcoin Halving Event Gets Closer
Bitcoin’s halving event is every single day closer. This is one of the most important events on Bitcoin’s lifetime considering this is going to have a deep impact on the largest digital asset. With the new halving, the new issuance of Bitcoin is going to be reduced.
This is a worldwide trend that has started back in December 2019 when the digital asset was operating stably. It is worth mentioning that the first 6 weeks of 2020 were very positive for Bitcoin and digital assets, which were able to grow substantially.
In the last weeks, Bitcoin and digital assets started to fall due to the fact that investors moved away from risk-on assets to other safe investment tools. The main reason behind this exodus was the Coronavirus crisis that has hit the entire world and will certainly have a deep impact on the economy.
The countries with the largest interest in the Bitcoin halving term were Switzerland, Netherlands, Austria and Luxembourg. We are now 27 days away from the block reward halving on the Bitcoin network.
Bitcoin’s halving event would allow Bitcoin to reduce its rewards for miners from 12.5 BTC per block to 6.25 BTC per block. In this way, there will be an impact on the supply of Bitcoin that could have a positive effect on the price of the digital asset over the long and mid-term. If there is an increase in the demand for Bitcoin, the price of the cryptocurrency could certainly grow faster.
This halving is also expected to have a negative impact, in the short term, on miners. This is due to the fact that they will receive half of the rewards they were receiving, which could certainly have a devastating impact on some miners. Some users would not be able to resist a halving event that would reduce their earnings by half.
As it happened with Litecoin, Bitcoin’s price could also not start growing after the halving. Nonetheless, there are many analysts and technical models that show that the halving event on Bitcoin could have a deep impact on the price of the digital asset.