Anticipation grows ahead of Bitcoin halving
Study shows increase in searches for cryptocurrency's supply reduction
Interest from the crypto community and the wider public in the upcoming Bitcoin (BTC) halving is increasing, according to a report from a Norwegian cryptocurrency analytics firm.
Arcane Research observed a recent surge in the number of Google searches for the term “Bitcoin halving”. Searches have doubled in the past month and are at their highest level since the last halving in 2016.
Every four years the number of new Bitcoin units, issued as a reward for mining, halves. This is codified into the cryptocurrency’s underlying software.
The in-built and gradual reduction of an already finite supply has attracted many to Bitcoin as, unlike fiat currencies, no more can be produced.
The reduction of supply is widely expected to affect demand. There is some debate as to whether the world’s leading cryptocurrency will experience the gains it achieved following the last halving.
Arcane Research said: "The Bitcoin halving is gaining more traction. There is now a clear indication that awareness of the concept is spreading to new people.”
However, by the Norwegian firm’s own admission there were far fewer searches for “Bitcoin halving” than simply “Bitcoin”.
Bitcoin trading volume is still healthy and new features such as Bitcoin futures contracts are growing in popularity. Yet unlike after 2016’s halving, the 2020 event will happen in a world that has already experienced crypto-mania once before.
By mid-afternoon trading Bitcoin stands at $8,745.70.
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