Bitcoin just faced the “halving,” in which the amount of bitcoins rewarded to miners got cut in half to cap inflation. Now, industry insiders are debating what effect it might have on the cryptocurrency market.
Industry insiders are debating what effect the so-called bitcoin "halving" might have on the cryptocurrency market.
Some investors believe the event has been mostly priced into markets already, but there are others who think it could boost prices.Yu Chun Christopher Wong | S3studio | Getty Imagesfaces a key technical event Monday known as the "halving." Due to take place later in the day, industry insiders are debating what effect it might have on the cryptocurrency market.
On Monday, the amount of bitcoins rewarded to those miners is set to get cut in half. This is something that takes place roughly every four years to keep a lid on inflation. The current reward stands at 12.5 bitcoins, or BTC, so that will now be reduced to 6.25 BTC. The total number of bitcoins that will ever be mined is capped at 21 million. Rewards to bitcoin miners keep halving until they reach zero. Bitcoin bulls say that this scarcity is part of what underpins the cryptocurrency's value and make it a potential "hedge" against currencies that are vulnerable to devaluation in times of economic crisis.
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