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Bitcoin {BTC} halving 2020: The king coin will soar past $50,000 due to huge demand

The Bitcoin halving event is now 312 days away. Due to the network’s supply of coins being down, prices are expected to surge greatly. The inflation rate will be affected as well, the May’s event will bring it down to 1.8% as the demand shoots up like a shuttle powered by hydrogen.

Traders are waiting patiently for the halving to take place. Many HODLers are also bidding their time, instead of selling their coins now so as to make a higher profit next year. The $13,000 rise during this week still remains a question of mystery for many analysts.

I would attribute the boost to the Lightning Network being unveiled. This has made transactions super-fast, which was a chief concern for many who used the Bitcoin blockchain.

Just as in the case of Litecoin miners, the block rewards will be half of their original value before the event transpires. For now, the reward for each block getting mined is 12.5 BTC or $1,42,877.50[according to the market], this will come down to 6.25.

The halvening takes place every 4 years. It is programmed to be part of the protocol and can’t be overridden. Prior to the 2016 event, the price had a massive climb.

For now, Bitcoin’s consumer price inflation rate sits at 3.76%.

As the analysis above states, Bitcoin[BTC] will soon be “the leader of the financial world”. Fiat currencies are known for fluctuating inflation rates, and for BTC the rate remains static for 4 years.

Due to increasing exposure and adoption, BTC is aiding transactions for customers in Venezuela, Peru, Nigeria, South Africa, and many other countries. Bitcoin is already considered to be as valuable as Gold.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.