'Price Won't Double Overnight,' says Binance CEO of the halving of the price of bitcoin.
One of the biggest cryptocurrency exchanges' founder and CEO, Changpeng Zhao, recently offered his opinions on the events leading up to the Bitcoin halving, which will see the reward for mining new blocks of the cryptocurrency reduced by half.
Zhao stated that as the halving approaches, more media attention would be given to the topic, raising expectations for the event's impact on the bitcoin market. As the halving approaches, CZ predicted that "there will be more and more chatter, news, anxiety, expectations, hype, hope, etc."
Although CZ thinks that the bitcoin prices "won't double overnight," the public will start to wonder why the price did not increase in line with the anticipation when the halving takes place.
But according to CZ, a year after the halving, bitcoin values will reach new all-time highs (ATH), and people will continue to wonder why this has happened. Added him:
People's memories fade quickly. Not claiming that the cause was established. And the future cannot be predicted by the past.
Additional Projection
The halving, in Zhao's opinion, is a big deal for the cryptocurrency industry. A countdown to the Bitcoin price halving has already been placed on Binance's site, according to Zhao.
Because there will be less bitcoin on the market after the halving, among other things, many people agree with Zhao that the price of bitcoin will rise. According to a research by Blockware Solutions, the price halving may result in a large price increase, pushing bitcoin up to $420,000.
A cryptocurrency-focused hedge company, Pantera Capital, anticipates a price increase following the halving. The business predicted that the reward decrease event might cause a price surge, pushing bitcoin to $148,000 in August.
On the subject, there are several viewpoints, though. Veteran trader Peter Brandt predicted in July that the next halving and potential approval of a Bitcoin EFT would both be "non-events."
What do you think of Changpeng Zhao's ideas regarding the upcoming halving of Bitcoin? Comment below with your answer and let us know.