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It’s funny how more than two weeks have passed since bitcoin’s famed third halving, and yet people are still talking about it as though it were fresh news. Bitcoin IRA – despite the big gap between now and the occurrence – has unveiled a new report that discusses the company’s alleged findings pertaining to the halving and what traders can expect in the coming future.
Bitcoin IRA Reveals Some New Data
A halving occurs for bitcoin every four years. The previous two occurred in 2012 and 2016, respectively. The first event resulted in bitcoin mining rewards being cut from 50 BTC to about 25, which at first seems like a lot of money to garner for extracting new bitcoin blocks. However, as we all know, bitcoin wasn’t trading then at a price that was anywhere near where it is today, so there really wasn’t that much digital cash to be enjoyed.
2016, however, was another story. At the time of that halving, the asset was trading above $400, which meant miners were enjoying a little more for each new BTC block. At that time, the currency’s mining rewards fell from the previous 25 BTC to about 12.5 BTC. It was a major change, but there was still moolah to be made.
That halving is widely “blamed” for the massive bitcoin price spike that would occur the following year. By the time Christmas 2017 rolled around, bitcoin would be trading at an all-time high of nearly $20,000 per unit, though this didn’t last, with 2018 bringing about the most bearish conditions bitcoin has ever seen in its short, yet significant, history.
This new halving brought block rewards down to about 6.25 from the previous 12.5 BTC, and while many predicted that the currency would break out and hit new highs that nobody could have anticipated, this ultimately didn’t occur… At least not yet.
The new report from Bitcoin IRA shows that the currency could potentially experience seriously bullish results from the halving in the coming months. While it’s probably too early to tell exactly what the remainder of 2020 holds for the world’s number one digital currency by market cap, Bitcoin IRA is suggesting that a price of $280,000 per coin (that’s very specific) isn’t out of the question.
The Currency Will Soon Strike It Big
COO of the company Chris Kline commented in a statement:
Our internal data at Bitcoin IRA shows signs of increased demand for bitcoin inside IRA and 401K accounts. As more investors look for retirement alternatives to the traditional stock market, and awareness of cryptocurrency continues to build, a promising trend will continue for bitcoin.
Despite being referred to as Bitcoin IRA, the company has spent the last few months touting gold, having added it to its list of tradeable assets and even publishing a new e-book that talks about how great gold really is.