Bitcoin To Hit $10 Million By 2030

It may seem like overkill, but there are real reasons to believe such a rise in price could happen. Bitcoin will experience three halvings this decade, the first in 2020, the second in 2024, and the third in 2028. If we add the 2020 halving that took place last year, Bitcoin has experienced a total of 3 halvings since its launch in 2009. One year after each halving, the bitcoin price is rising exponentially due to the increase in demand and the decrease in supply in the market. But there is a new type of demand in the market that far outweighs the original demand from retail investors who have been buying for over 12 years. This demand, mixed with the drop in supply issuance and the withdrawal of BTC from the market, is the perfect formula for wild price swings. I'll get into what this new issue is later in this article, but now let's take a look at past halving performance to see what we're dealing with. On November 28, 2012, the first halving in history took place as the basic initial mining reward decreased from 50 BTC to 25 BTC. 365 days before the halving, the bitcoin price was $2.54. The following year, when the supply shock hit, bitcoin surged more than 8,000% to as high as $1,007 before cooling off a bit. On July 16, 2016, the second halving took place and the mining reward was reduced from 25 BTC to 12.5 BTC. 365 days before the halving, the bitcoin price was $269.68. The following year, when the supply shock occurred, bitcoin surged 284% to as high as $2,506 before it cooled a bit. On May 18, 2020, the third Bitcoin halving took place, causing the mining reward to drop from 12.5 BTC to 6.25 BTC. 365 days before the halving, the bitcoin price was $7,300. The following year, when the supply shock hit, bitcoin rose 788% to $64,840. At the time of writing, it is predicted that Bitcoin will hit the fourth halving on May 8, 2024, bringing the mini.

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