HomeBITCOINBinance CEO Anticipates Bitcoin Halving in 2024 Will Lead to 'All-Time Highs'

Binance CEO Anticipates Bitcoin Halving in 2024 Will Lead to ‘All-Time Highs’

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Changpeng Zhao, the CEO of Binance, one of the world’s largest Bitcoin and crypto exchanges, believes that the next Bitcoin halving, scheduled for 2024, could lead to a period of renewed price growth.

Bitcoin halvings, which occur approximately every four years, are important events in the cryptocurrency’s history. During these events, the rate at which new Bitcoin is created through mining is reduced, resulting in a decrease in the asset’s issuance.

Zhao suggests that this supply shock has historically had a significant impact on the price of Bitcoin, leading to all-time highs in 2013, 2017, and 2021.

Zhao’s remarks about the possibility of “all-time highs” following the 2024 Bitcoin halving are based on historical trends. In the years following the past three halvings, Bitcoin has experienced notable price surges.

Zhao explains the data as follows:

Pre-Halving Excitement: Before a Bitcoin halving, there is typically heightened excitement, discussions, and media coverage within the cryptocurrency community. This reflects the anticipation and high expectations surrounding the event.

Post-Halving Reality: Contrary to some expectations, the price of Bitcoin does not immediately double overnight after a halving. Instead, there is often a period of consolidation and adjustments immediately following the event.

Subsequent Price Surges: It is in the year or years following a Bitcoin halving that the cryptocurrency’s price has historically surged to new all-time highs. This phenomenon is driven by factors such as increased awareness, growing adoption, and the reduced rate of Bitcoin production.

Therefore, Zhao’s remarks support the belief held by many Bitcoiners that the asset’s price movements are becoming predictable and cyclical. This is due to Bitcoin’s status as sound money with a monetary policy that is not controlled by governments.

These events serve as a reminder of Bitcoin’s deflationary characteristics, distinguishing it from traditional fiat currencies.

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