Stefan Mileschin

Highest value since February

The Bitcoin price will hit ‘at least $10,000’ even before the four-yearly ‘halving’ event taking place in two weeks, predicts the CEO of financial advisors deVere Group.

The prediction from the chief executive and founder of deVere Group, Nigel Green, comes as the price of the world’s largest cryptocurrency suddenly soared by more than $1,500 on Thursday, moving it to its highest value since February. It peaked at $9,400.

It comes ahead of May’s highly anticipated halving event. Occurring every four years, halving means that less and less Bitcoin – which is limited to 21 million units - will be mined.

In 2012, the number of new Bitcoins issued every 10 minutes fell from 50 to 25. In 2016, it went down from 25 to 12.5. Now, in the 2020 halving, it will drop from 12.5 to 6.25.

Green says: “We see the cryptocurrency market already significantly picking up pace ahead of the historic event in May.

“Investors are now increasing their exposure to Bitcoin as the halving - only the third in its 11-year history - will push up prices sharply due to the dramatically lower supply combined with a steady demand and increasing awareness of digital currencies.”

Previous Bitcoin halving events have prompted impressive price climbs. The 2016 halving triggered a 300 percent jump in the value of Bitcoin.

But the 2020 one could be even more remarkable, believes the deVere CEO.

Green added: “May’s event could herald Bitcoin’s coming of age. It will, of course, drive prices higher – but, in my opinion, the jump could be even more impactful due to these unprecedented times.

https://fudzilla.com/news/50755-bitcoin-will-hit-10-000