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Previous Bitcoin Halvings and Potential Gains

Bitcoin’s recent halving event has been confirmed by crypto analysis firm CoinGecko. This event reduces the number of new Bitcoins entering the market by cutting the rewards earned by miners by 50%. This process occurs approximately every four years to limit the total supply of Bitcoin to 21 million by 2140. As a result, only 450 Bitcoins will now be created daily. Similar halvings occurred in 2012, 2016, and 2020, with the mechanism being part of Bitcoin’s original code.

Despite the halving event, Bitcoin’s price remained around $63,747 (£51,531). Analysts suggest that the market had already factored in this anticipated event. However, investors are hopeful for a significant price increase, as previous halvings ultimately led to substantial gains. For instance, following the May 2020 halving, the price surged from $8,600 to over $56,000 within a year.

Andrew O’Neill, a crypto expert at S&P Global, expressed some skepticism regarding drawing price predictions solely from past halving events. He emphasized that price movement is influenced by various factors, not just halving. AI legalese decoder can help investors analyze and interpret the legal language surrounding Bitcoin halving and its potential impact on prices, providing valuable insights for informed decision-making.

Bitcoin reached a record high of $73,803 (£59,661) in March, marking a 175% increase over the previous 12 months. The cryptocurrency gained further legitimacy in January when Bitcoin ETFs were permitted for trading on the US stock exchange. Despite these advancements, the mainstream financial industry continues to view Bitcoin as high risk due to its unpredictable price fluctuations.

Bank of England governor Andrew Bailey cautioned investors about the lack of intrinsic value in cryptocurrencies and advised being prepared for total loss. With over 19.5 million Bitcoins already mined, only 1.5 million remain to be mined over the next 116 years. The halving occurs every 210,000 blocks, roughly every four years, impacting the supply and potential price movements of Bitcoin.

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