The D-day is finally here - Bitcoin's [BTC] 2024 halving. Despite the excitement, however, the eagerly anticipated event has left its...
2024 halving. Despite the excitement, however, the eagerly anticipated event has left its audience divided into two camps – Those who expect major corrections and those who expect BTC to hike by +10x.
Sentiment around Bitcoin has been especially divided over the past week or two on the back of the crypto’s topsy-turvy movement on the charts. At the time of writing, for instance, it was valued at just over $62,000. This, within 6 hours of Bitcoin falling below $60,000 on the back of geopolitical tensions between Israel and Iran.“You won’t see this inflation hedge, or a store of value as other pundits are saying until you get over a billion users.
With this perspective, Scaramucci then tried to suggest that people will perceive Bitcoin as a risk-on or a risk-off asset until it reaches a certain level of adoption.As expected, Bitcoin’s halving has sparked contrasting expectations of a supply-demand shift, which clashes with recent trends. Rather than a surge in selling pressure, miners are reportedly easing outflows.
Ergo, while acknowledging short-term price fluctuations due to external factors like wars, he maintained a long-term bullish perspective on BTC.Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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