Bitcoin Friday — Apr. 19, 2024
Here are some quick, candid thoughts on bitcoin as we head into the weekend.
Happy Bitcoin Friday!
It’s Here
The fourth bitcoin halving hits TODAY!
We’ve waited four years and it’s finally here. The fourth bitcoin halving, reducing the amount of bitcoin earned by miners for their hard work processing transactions and securing the network from 6.25 BTC to 3.125 BTC, is upon us.
According to most halving countdown clocks, it will occur around 9pm New York time. April 19, 2024—the 4th bitcoin halving.
This is a big day for bitcoin.
Another bitcoin halving is a reminder that bitcoin is still here, 15 years later, up and running, seeing continued network growth. Bitcoin has faced criticism since the start from all types of personalities and entities for a multitude of reasons. It is, however, simply a tool for financial optionality at the end of the day.
Bitcoin can be used by anyone, anywhere in the world, at any time, in order to secure, send, or receive value without degradation, in perpetuity.
It has no opinions. There are no ulterior motives. It’s the most inclusive and powerful computing network in history.
More about the halving:
The Numbers
3.125 BTC block reward
450 BTC per day
Price? TBD
Miners will now earn 3.125 bitcoin per block reward. There will be 450 bitcoin per day in total released globally. That means increasing supply shock due to supply and demand dynamics.
The price of bitcoin? Wait and see.
I’ve been saying for months that we’ll see choppy waters heading into the halving and we’ve gotten just that. The price of bitcoin pulled back from levels near $70,000 to $60,000 twice in the last month and is sitting right around $65,000 with about 10 hours left until the halving.
Ignore the short term price action.
The price impact of the halving historically hasn’t hit until 6 to 18 months after the halving. We had the US spot bitcoin ETFs trigger an early bull run this time around but the jury’s still out as to what happens through Q2 and Q3.
For now, I’m sitting back, enjoying the halving, and resting easy knowing that the majority of my bitcoin is stored securely in self-custody.
Enjoy the weekend!
If you’re new here, consider subscribing:
I am not an investment or financial advisor. All opinions expressed are mine alone. Read the full DISCLAIMER on the About page.
HODL on Garth.