Key Points
- The fourth Bitcoin halving is expected to leave only 1.3 million BTC for miners to discover until 2140.
- Google searches for “Bitcoin halving” have reached record numbers, particularly in Nigeria, The Netherlands, Switzerland, Cyprus, and Slovenia.
Bitcoin is preparing for its fourth halving, a unique event that alters the cryptocurrency landscape.
The markets have drastically changed over the years, and the 2024 halving brings with it some interesting facts.
Bitcoin’s Limited Supply
Bitcoin’s structure ensures most of its total supply is already in circulation. After the halving, a mere 1.3 million BTC will remain for miners to find, lasting until 2140.
Moving forward, only 450 BTC will be created daily, meaning just 657,000 BTC will enter the market between now and 2028.
Record-Breaking Interest in Bitcoin Halving
While there were modest spikes in interest in 2016 and 2020, the 2024 halving has seen a record number of internet users seeking information. Data from Google Trends shows Nigeria, The Netherlands, Switzerland, Cyprus, and Slovenia as the countries most interested in the upcoming 50% reduction in block rewards.
BlackRock, the world’s largest asset management firm, has shown strong optimism by launching an exchange-traded fund based on Bitcoin’s spot price. This allows many institutional investors to gain exposure to the halving without owning the digital asset directly.
BlackRock executive Jay Jacobs states that the iShares Bitcoin Trust, which now has $18 billion in assets under management, is the fastest-growing ETF of all time.
In a recent blog post, Jacobs mentioned that halvings are crucial to Bitcoin’s value proposition as a transparent crypto asset with a finite supply. A chart shared by him shows that BTC typically delivers the strongest returns in the calendar year after a halving.
A new development in the Bitcoin ecosystem relates to Ordinals, the blockchain’s answer to non-fungible tokens. They allow unique messages, images, and videos to be inscribed on a single satoshi, equivalent to one 100 millionth of a Bitcoin.
Despite Binance discontinuing support for these crypto collectibles, demand for Ordinals has skyrocketed. Data from CryptoSlam! shows Ordinals sales have hit $13.8 million in just 24 hours.
The first sat mined after the halving is particularly exciting, as it will be one of only four to ever exist. Being chosen as the miner to receive this sat could result in a significant payday, far exceeding any reduction in block rewards.
The short-term outlook for Bitcoin is uncertain. Betting markets suggest there’s just a 46% chance of Bitcoin hitting $100,000 this year, with sentiment slipping over the past few weeks. Only 11% believe we’ll see $250,000 by December.
As the halving nears and BTC briefly dips to its lowest price since February, 17% believe the world’s largest cryptocurrency won’t be above $60,000 on the day itself.
