Bitcoin halving predictions from CoinFlip CEO Ben Weiss

Bitcoin halving predictions from CoinFlip CEO Ben Weiss

With the upcoming Bitcoin halving, which is set to occur around April 20th, here are some predictions and insights from Ben Weiss, the CEO of CoinFlip – the largest crypto ATM network by transaction volume.

How do you predict the Bitcoin halving will impact the price of Bitcoin ahead of the event?

  • As the Bitcoin market continues to mature, the upcoming halving might play out differently than we’ve historically seen. Factors such as successful Bitcoin ETF approvals from major institutions such as BlackRock and the upcoming election could also influence the price of bitcoin. Similarly to the recent ETF approvals, people are eager to see the impact of the upcoming halving and as anticipation ramps up, we will likely see bitcoin believers buying it ahead of time.

How might it be impacted afterward? What should investors know before getting involved in the market during this time?

  • Historically, after each bitcoin halving investors have seen an increase in bitcoin’s price, however that doesn’t necessarily mean bitcoin will suddenly hit $100k overnight. As we saw with the ETF approval, bitcoin didn’t skyrocket at first; the price dipped because people were selling the news. After the dust settled, bitcoin surged past $50k again, until finally passing its former all-time high.

Do you expect the halving to have any impact on altcoins or other cryptocurrencies?

  • Although the upcoming halving is unique to bitcoin, it could potentially impact other cryptocurrencies. We’ve seen something similar play out recently with ETH increasing over 74% this year after BTC ETFs were approved and growing optimism surrounding a potential ETH ETF approval.

What are the potential long-term implications of the upcoming halving on the overall cryptocurrency market?

  • The halving enforces the scarcity of bitcoin and contributes to its security. Unlike the traditional banking system, it also ensures bitcoin remains deflationary by reducing its supply by half which drives demand and increases its price in the long-term. I’m hopeful the powerful combination of the upcoming halving and recent ETF approvals will continue to drive new all-time highs and further cement bitcoin as the best performing asset of the past decade.
  • The halving isn’t the only factor hanging in the balance regarding bitcoin’s value appreciation. Factors such as regulatory developments, market sentiments, or technological innovations also play a crucial role in driving its value. With the recent success of Bitcoin ETFs and growing optimism around the halving, it’s crucial for industry leaders to remain engaged with lawmakers to protect innovation, stability, growth and continued investment across all sectors of the digital currency industry.

How will the halving impact the crypto mining space?

  • The halving directly impacts miners’ rewards and profitability. Many miners, especially those operating on thin margins, will likely have to turn to equipment upgrades, reducing energy consumption, relocating to more affordable electricity locations, or consider leveraging renewable sources.

Do you expect this halving to be different from the last one in 2020? Why?

  • From a technical perspective, the fundamentals haven’t changed. The halving has been built into bitcoin’s protocol since its inception in 2009. However, today’s circumstances are different than they were in 2020 considering recent bitcoin ETF approvals which have opened the floodgates for fresh capital and institutional investment and rising inflation rates worldwide.