Key Points
- Bitcoin halving in 2024 is expected to have significant implications on the market and mining infrastructures.
- Experts discuss the potential impact of the halving on crypto adoption and Bitcoin’s legal status.
As the 2024 Bitcoin halving draws near, experts are offering their insights into what might unfold in the aftermath of the event.
Bitcoin Halving and the Ordinals Market
Kurt Wuckert Jr., Chief Bitcoin Historian at CoinGeek, and Joshua Petty, CEO of Ordinals Wallet, were asked about their expectations post-halving.
Wuckert Jr. believes that the halving will not affect the Ordinals market, asserting that Ordinals volume, value, and trading are entirely independent of the halving. He suggests that any chain with an Ordinals market becomes fundamentally stronger as it attracts commerce onto the chain, irrespective of the base asset’s price.
On the other hand, Petty views the halving as an event that draws significant attention to Bitcoin. He suggests that the more focus on Bitcoin, the more attention Ordinals will receive.
Bitcoin’s Legal Status
When asked about Bitcoin’s legal status compared to traditional currencies like the dollar, Wuckert Jr. expressed skepticism about the government’s ability to control it, likening Bitcoin to gold and cash, which are difficult to regulate.
Petty remains confident about Bitcoin’s resilience. He suggests that if Bitcoin becomes illegal, it could reemerge under new names and could possibly be controlled if most of it is on exchanges or the Bitcoin ETF, become the base for government digital cash, or remain the same.
Implications of Bitcoin Halving
Wuckert Jr. believes that the halving will create a greater scarcity of Bitcoin, driving up the price. He notes that this effect is already visible as people rush to acquire the available supply.
Petty views the halving as a historically successful event. He suggests that the current market euphoria is a result of anticipation of the halving.
As the halving approaches, both retail and institutional investors are buying up more Bitcoin in anticipation of a supply shock. Some predictions even suggest that Bitcoin could surpass $100,000 by the end of 2024.
