The Winklevoss Twins: This is what we saw in the upcoming Bitcoin split (Halving)
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Answer The Winklevoss Twins: This is what we saw in the upcoming Bitcoin split (Halving)
The Winklevoss twins, who are among the most prominent figures in the cryptocurrency market, recently spoke at a crypto conference in St. Moritz.
Among the most important points they touched upon in their conversation was the upcoming Bitcoin split (Halving) that will occur in May 2020.
According to the Forbes journalist, during the conversation the twins noted that the upcoming Bitcoin split will be huge for Bitcoin.
The Winklevoss twins are known to not be shy when it comes to Bitcoin price predictions.
In their history of statements and documented predictions within the crypto ecosystem, the founders of Gemini have made many predictions.
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From relatively large Bitcoin price increases of 40x to the bold prediction of a market cap that will hit the multi-million dollar price of Bitcoin.
‘Half (in May) will be great for # bitcoin. It is seldom priced with
– Billy Bambrough January 15, 2020
The Bitcoin fork is causing quite a stir in the Bitcoin community.
In May 2020, the block mining reward will decrease from 12.5 to just 6.25 bitcoins per block, which means there will be fewer newly created bitcoins.
Some believe that reduced supply, along with steady demand, would help push the price of Bitcoin higher.
Which means that supply will shrink within four months.
Referring to the half, one of the twins said:
It is rarely priced.
Looking at the previous halving, the price of Bitcoin usually accelerates after the event, not before.
But that doesn’t mean the same thing will happen again.
Ms Meltem Demirors, Head of Service Desk at Coinshares, says:
It is possible that a decrease in bitcoin will lead to a rise in prices.
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1/ There is a real possibility that the price of Bitcoin will not rise after the halving.
For the first time, there is a strong market for derivatives (futures, options) for bitcoin. Most companies looking to speculate on bitcoin will be trading a derivative, not an underlying.
– Melt-Dem (@Melt_Dem) December 24, 2019
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She added:
Factors including the increase in bitcoin trading becoming more than the asset means that a price hike is unlikely.
Meaning, supply and demand become the weakest factors in determining the price of Bitcoin.
However, the Winklevoss twins are exploiting a growing notion that the crypto market may exit a bear market.
Bitcoin and the crypto market in general seem to have broken off their downtrends, indicating a new trend in the near future.
However, as we always know in the crypto market predictions don’t always come true.
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