The recent halving of Bitcoin has made the cryptocurrency scarcer, as miners now receive only 3.125 bitcoins per block instead of 6.25 since May 2020. This process will continue until the maximum supply of 21 million bitcoins is reached, estimated to be in 2140. As new bitcoins come into circulation less rapidly, their scarcity is expected to increase their value.
Prior to the halving, Bitcoin had reached a new record of $73,797 last month, marking an increase of over 50 percent since the beginning of the year. This surge in value is largely attributed to the approval of listed bitcoin funds in the United States, making the cryptocurrency more accessible to a wider range of investors. This increased demand is driving up the price of Bitcoin.
As of around 4:30 am Belgian time, the price of a bitcoin was approximately $63,700. The scarcity resulting from the halving is expected to continue to impact the value of Bitcoin in the coming months and years.
