Experts contribute their opinions to predict and decipher what will happen after the Bitcoin halving next month.
As the 2024 Bitcoin halving approaches, crypto.news asked Kurt Wuckert Jr., Chief Bitcoin Historian at CoinGeek, and Joshua Petty, CEO of Ordinals Wallet, what they believe will occur post-halving.
How does the Bitcoin halving event affect the Ordinals market?
Wuckert Jr.: It doesn’t. In fact, Ordinals volume, value, and trading are completely separated from the halving, and makes any chain with an Ordinals market fundamentally stronger because it brings commerce onto the chain regardless of the price of the base asset.
Petty: Halving is something that brings a lot of attention to Bitcoin. The more attention on BTC right now, the more attention to Ordinals.
What are your thoughts on Bitcoin’s legal status compared to traditional currencies like the dollar, considering potential government intervention?
Wuckert Jr.: I’m a little bit more of the mind to say, ‘How can they stop it?’ Bitcoin is a lot like gold and cash, both of which are difficult to clamp down on when people are motivated to use them in various ways.
Petty: I remain confident in its resilience. I believe if Bitcoin becomes illegal, it could reappear under new names. Its future with governments could involve being controlled if most of it is on exchanges/the Bitcoin ETF, becoming the base for government digital cash, or staying the same.
1-year chart of Bitcoin vs US Dollar from MacroMicro.com
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What implications does the Bitcoin halving event have for the broader market and the infrastructure of mining companies?
Wuckert Jr.: The meme that the halving creates greater scarcity and will therefore drive up the price is a powerful meme. We are seeing it play out in real-time as people try to gobble up available supply.
How do you view the impact of the halving on crypto adoption among retail and institutional investors?
Petty: The halving is a historically successful meme. We are currently going through a bit of euphoria in the market because of it.
Bitcoin’s halving on the horizon
The halving inches closer with retail and institutional investors buying up more Bitcoin as they anticipate a supply shock and predictions that even place Bitcoin above $100,000 by the end of 2024.
Bitcoin Halving countdown from NiceHash.com
Read more: Why aren’t large Bitcoin holders selling despite high prices? Insights and analysis
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