U.Today – As the community celebrates the completion of another halving event, prominent Bitcoin critic Peter Schiff took to the stage to issue a warning to BTC holders.
The long-awaited Bitcoin software update known as the “halving'' has been completed. The change went into effect Friday at 8:10 p.m. New York time, according to data from analytics websites mempool.space and Blockchain.com.
This event, in which the reward for mining a new block is cut in half, is seen by many as a bullish signal for the value of the cryptocurrency. But Schiff's perspective offers a sobering counterpoint to the prevailing optimism.
Peter Schiff, a longtime Bitcoin skeptic and gold supporter, warns that a halving will not necessarily lead to the expected price increase. He believes that the halving event may not ultimately yield the expected benefits and, as a result, Bitcoin hodlers may experience a “halving” in net value, implying a price decline. ing.
“Congratulations to all Bitcoiners on the halving. Are you celebrating the occasion by having a party tonight? I have not been invited anywhere. The halving means that Bitcoin hodlers will see their net worth halved. “I think it's a good name to describe what happens as soon as you experience it,” Schiff tweeted.
Bitcoin performance after halving still under debate
As Bitcoin enters a new chapter following the completion of the latest halving event, debate surrounding Bitcoin's future trajectory is intensifying.
Prior to the halving event, on-chain analysis firm IntoTheBlock highlighted the trends in BTC price performance every Bitcoin halving, noting that bullish trends often emerge and last for about a year.
Additionally, miners' BTC holdings have hit a 12-year low, suggesting that miners were net sellers before the halving.
Meanwhile, Bitcoin whales may have finally started buying the bullshit. On April 18th, top Bitcoin holders owning more than 0.1% of the total supply added 19,760 Bitcoins to their holdings at an average price of $62,500. Historically, accumulation by these addresses has often been a precursor to a rise in Bitcoin prices.
At the time of writing, Bitcoin had fallen 2.17% to $63,738 over the past 24 hours as investors took profits after the halving event.
This article was originally published on U.Today
