What Are Crypto Experts Predicting After Bitcoin's Halving Event?

Emin Gün Sirer, a founder in the crypto space, predicts that the sector will grow by at least tenfold in the long term.

The Bitcoin halving is considered a significant milestone in the crypto world, and industry leaders have various perspectives on how this event will impact different aspects.

On April 20th, with the completion of the 840,000th block on the Bitcoin network, the fourth halving event took place. This reduced miner rewards from 6.25 Bitcoin to 3.125 BTC per block, which was approximately valued at $200,000 at the time of writing.

Potential Growth of the Crypto Sector

Emin Gün Sirer, the founder of Avalanche, presented two different perspectives on the halving event from technological and economic standpoints. As a technical expert, Sirer viewed the sudden halving of mining rewards as a negative development, stating:

"The abrupt reduction in mining rewards and the halving of the Bitcoin network's security budget is not ideal for the system."

Sirer believes that if Satoshi Nakamoto were alive today, he would likely prefer a smoother transition mechanism for halving rewards.

However, Sirer acknowledged the positive contribution of halving to the crypto world, stating that it attracted speculation and investment, contributing to the overall growth of the crypto sector. Sirer also predicts that the crypto sector will grow at least tenfold in the future.

Immediate Impact Not Expected

Paolo Ardoino, the CEO of Tether, suggested that the halving event would not immediately impact the price of Bitcoin:

"The halving is not an immediate factor affecting the price of Bitcoin."

Ardoino mentioned that the interest in Bitcoin exchange-traded funds (ETFs) could have a more significant impact on the market and anticipated significant movements when major hedge funds enter the space.

The Power of Code

Justin Hyun, the investment director of The Open Network (TON) Foundation, emphasized that the halving event demonstrates how code becomes law in the crypto ecosystem:

"This event will show newcomers how code becomes law in the crypto ecosystem. Everything is predetermined and operates automatically."

Hyun hopes that such events will spark curiosity among communities outside the crypto sphere and lead to further inquiries into how different networks operate.

You can stay updated on developments in the cryptocurrency markets and the latest news by visiting Kriptospot.com.