Morgan Creek Digital Co-Founder: Bitcoin Halving In May 2020 Won’t Affect Its Price
The expected Bitcoin halving that is primed to take place in May next year is continuing to elicit various opinions in terms of price changes. Now one market analyst has opined that the halving will have no impact to BTC price.
Using a tweet, Morgan Creek Digital co-founder, Jason Williams, opined that unlike the past halvings, he is of the view that the markets will not react to the next halving expected in May.
Unpopular Opinion –
Bitcoin halving in May 2020 won’t do anything to the price. It will be a non-event.
— Jason A. Williams 🦍 (@JWilliamsFstmed) December 1, 2019
Bitcoin halving is an event whereby the reward given to the miners for mining fresh blocks is halved. This means miners get 50% less Bitcoins for verifying transactions. The halving event happens once for every 210,000 blocks which roughly translates to once every four years. The halving process is expected to continue until there are 21 million Bitcoins within the platform.
The next halving event will lessen the amount given to miners for every block from the current 12.5 BTC down to 6.25 BTC, Cointelegraph reports. The halving is an important event for traders as it is speculated that it will spur a bull market.
In the last couple of months, analysts and industry experts have been fronting diverging opinions on when an impact in the market is expected following the halving event. Other crypto staticians hold that the current position held by Bitcoin is unique compared to the bullish markets of the recent two halvings. Willy Woo has concluded that 2020 halving will be a unique one for Bitcoin.
In contrast, Anthony Pompliano also a Morgan Creek Digital co-founder who is active in Bitcoin advocacy has in the recent past stated that Bitcoin trading at around $7000 has not yet benefited from the halving.
The Bitcoin halving is not priced in.
— Pomp 🌪 (@APompliano) November 10, 2019
Meanwhile a model created by PlanB indicates that the halving will have an impact by 2022 and predicts that by then the value of Bitcoin should be above $100,000.