Cryptocurrency

Crypto.com COO Eric Anziani Comments on Bitcoin Halving, Says it Will Push the Price Upwards

The most important event in the crypto industry, the next Bitcoin halving, is expected to happen on May 12, 2020. The event is bound to make a big impact on the industry, and Crypto.com COO Eric Anziani has just indicated that. Anziani posted a thread on Twitter, in which he explained the importance of the Bitcoin halving, and how it will impact the price in the long run.

 

In one of the tweets, Anziani stated that halving of rewards to Bitcoin miners for 12.5 BTC to 6.25 BTC will ease the inflation from 3.68% to 1.8%, as this will reduce the supply of new Bitcoins in the market. This will put a long term and eventual upward pressure on BTC price, he added.

 

“Although not statistically significant, historical halvings have resulted in mid-to-long term price appreciation as well as price increases leading to the event. There were also unpredictable short term price movements following each event.”

 

As per a recent survey conducted by Crypto.com, reduced supply is the primary driver for positive price pressure, which is why halving could increase the digital gold narrative around Bitcoin, Anziani said.

 

Another important point that the COO made was that Crypto.com would offer Bitcoin at a 50% discount through the Syndicate platform on the exchange. 

 

Anziani further added that programmable digital scarcity embedded in Bitcoin is irreplaceable. It is also a fundamental part of building a more inclusive token economics that benefits the broader society.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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