Bitmain CEO Claims Bitcoin Halving May Not Spark Bull Run
Analysts and investors alike have long looked towards Bitcoin’s halving as a potential catalyst that could spark the next massive parabolic rally and usher in a new era of growth for BTC and the aggregated crypto markets.
It is important to note, however, that one prominent figure within the Bitcoin mining industry is now noting that miners should prepare for the possibility that the halving will not propel BTC’s price higher.
Bitmain Founder: Now is a Good Time to Invest in Bitcoin Mining
Jihan Wu, the co-founder and CEO of Bitmain, spoke about the upcoming Bitcoin halving during a speech at the World Digital Mining Summit in Frankfurt, Germany, in which he explained that he believes now is a good time to invest in crypto mining, while also noting that the current correction that Bitcoin is caught in is “short-term.”
“There are many uncertainties, but now is a good time to invest in crypto mining. If I were a miner, I would not stop mining but continuing to invest in mining equipment. We are currently in a short-term correction of price,” Wu noted.
The correction that Wu is referring to is likely Bitcoin’s recent drop below $10,000 that sent its price reeling down to recent lows of $7,800, which is where it has consistently found support over the past couple of weeks.
Moreover, Bitcoin is also trading down significantly from its year-to-date highs of $13,800 that were set in late-June, and it has shown few signs in recent times of gaining any momentum to climb back towards these highs in the foreseeable future.
Jihan Wu Claims Halving May Not Spark Massive BTC Uptrend
Bitcoin’s upcoming mining rewards halving – which is currently set to occur in early-May of 2020 – has been widely look towards as an event that will spark another parabolic uptrend.
During the same speech, Wu explained that miners should prepare for a lackluster response to the halving next year, and that a failure for BTC to surge after the event will require miners to find ways to increase the efficiency of their existing equipment.
“Having a long-term perspective is significant. If bitcoin’s price remains unchanged after halving, the efficiency of existing equipment must be improved to balance efficiency and computing power,” he explained.
Only time will tell as to whether or not this event will truly impact the trajectory of the markets, but history shows that this event has always been directly followed by parabolic uptrends.
Featured image from Shutterstock.
The post Bitmain CEO Claims Bitcoin Halving May Not Spark Bull Run appeared first on NewsBTC.
Bitcoin Inheritance Solution? Startup to Make Passing on BTC Easy
Wednesday October 16, 2019
A startup focused on Bitcoin management has launched a service to make passing on Bitcoin as part of inheritance easier. The service, known as the Casa Covenant, addresses one of the biggest issues with...
Renowned Bitcoin Artist Encourages Venezuelan Artists Spread the BTC Word
Monday October 14, 2019
Perhaps the most well known Bitcoin artist is on a mission to spread the Bitcoin word in Venezuela. Pascal Boyart has been working with the website SatoshiEnVenezula to help artists local to the South...
The post Renowned Bitcoin Artist Encourages Venezuelan Artists Spread the BTC Word appeared first on 12bitplay - Bitcoin Play.
The post Bitcoin Inheritance Solution? Startup to Make Passing on BTC Easy appeared first on 12bitplay - Bitcoin Play.
Bitcoin Testing Weekly Moving Average That Sparked Last Crypto Bull Market
Thursday October 17, 2019
Now that Bitcoin has broken down from the triangle formation it was trading in, putting an end to months of consolidation, crypto analysts are sifting through Bitcoin price charts hoping to find clues as...
The post Bitcoin Testing Weekly Moving Average That Sparked Last Crypto Bull Market appeared first on 12bitplay - Bitcoin Play.