Cryptocurrency
Crypto’s Top Exec Thinks This Key Mining Factor Will Drive Strong Bitcoin Growth
As reported by NewsBTC, “The Chief Executive Officer at leading cryptocurrency exchange Binance believes the Bitcoin halving is not priced in. Whilst reluctant to give a specific price target, Changpeng Zhao is ‘pretty positive’ the upcoming supply shock will result in higher prices. “Zhao believes that the current market is not efficient and that future events, […]
As reported by NewsBTC, “The Chief Executive Officer at leading cryptocurrency exchange Binance believes the Bitcoin halving is not priced in. Whilst reluctant to give a specific price target, Changpeng Zhao is ‘pretty positive’ the upcoming supply shock will result in higher prices.
“Zhao believes that the current market is not efficient and that future events, even if they’re known in advance, are not necessarily reflected immediately by price. He also says that a reluctance to sell amongst miners will create an even greater supply/demand imbalance.
“One of the hottest debates in cryptocurrency circles at the moment is the Bitcoin halving and its potential impact on price. The halving will see the numbers of Bitcoin rewarded to miners drop from 12.5 to 6.25.
“As NewsBTC has reported previously, some believe the halving is ‘priced in‘. They reason that knowledge of the event has been public for as long as Bitcoin has existed. Satoshi Nakamoto detailed the halving schedule in the Bitcoin whitepaper. Therefore, buyers and sellers have presumably had plenty of opportunity to make their move by now.