The next Bitcoin halving is due in about a year’s time, reducing the blockchain rewards from 12.5 to 6.25. Halvings are considered something of a celebratory occasion for crypto-enthusiasts, marking a steady advancement of the Bitcoin network. BKCM crypto fund manager Brian Kelly, speaking to CNBC, said that the halving could bring even greater price rises to the digital asset.
These are the next big catalysts for the bitcoin rally from CNBC.
Kelly, often a guest on CNBC, said that the increased demand for Bitcoin (BTC) would cause a spike in prices as supplies dropped. He said on the Fast Money program,
You generally have a rally a year into it, and a year out of it. And so we’re just at the beginning of that stage […] a supply cut is generally bullish.
Kelly also points to institutional adoption and retail anticipation as drivers for market growth. The number of Bitcoins mined everyday is expected to go down to 900 from 1800 with the halving.
Others have also said that the halving could spur a rise in price. Bitcoin halvings have typically been followed by strong rallies, so the next few years is looking increasingly prosperous for Bitcoin.
