Below are comments from Guy Hirsch, Managing Director of eToro US, on the Bitcoin halving.
Guy Hirsch, Managing Director of eToro US, comments: "The Bitcoin protocol has a monetary policy built into the code and it is therefore not bound by political or other external manipulation. eToro believes more people will be drawn to buy and trade bitcoin because the crypto cannot be altered through political pressure.”
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Price Of Bitcoin Post-Halvings
The price of bitcoin showed exponential gains following the previous halvings in 2012 and 2016. The pre-programmed cutting of the block reward is perceived as a key driver of potential upward price action, since it increases BTC's market scarcity. Bitcoin has a fixed supply of 21 million BTC, with roughly 18.3 million having been mined to-date.
Every 210,000 blocks bitcoin will hold a stronger stock to flow ratio, which makes bitcoin a real source of value. Central banks have now made printing trillions of dollars a normal occurrence, which is not sustainable.
Diversifying Portfolio With Cryptomarket
Guy Hirsch comments: "We have already seen bitcoin bounce back from its losses stemming from the pandemic market reaction. The cryptomarket is increasingly being viewed as a safe haven to diversify portfolios.”
Since the outbreak of COVID-19, eToro has experienced a surge in registered users, most likely due to the lack of trust in the current fiat system as people search for alternative means of value. If the price rallies post-halving then it could be a sign of bitcoin’s resilience.
Globally, eToro has over 12 million registered users across more than 140 countries and will soon be bringing its commission free stocks offering to the US market. This past March, registrations on eToro increased over 220 percent in the US compared to the same month last year.