- Interests in Bitcoin’s forthcoming halving increases as indicated by Google search trends
- Will the 2020 halving reflect that of 2016 and 2012?
Cryptocurrency News Today – The digital currency space is somewhat depressed in terms of the overall interest at the moment. The second half of this year has been all-bearish, as markets have plunged by 50 percent. General attention also seems to be wearing off. Over the years, the Google search trend is usually a good indicator of what is invoke and what is not. According to recent results, Bitcoin halving has been gaining more interests on a daily basis.
Interest in Bitcoin Halving Increases
Bitcoin (BTC) halving is now just 160 days away, according to the countdown. The forthcoming halving will reduce the block mining reward from 125 BTC to 6.25 BTC and increase the premise of scarcity. Over the years, there has been an enormous bullish market movement before and after the halving. It is due to this speculatory nature that interest in the digital currency is growing and people want to find out more.
Bitcoin (BTC) Price Today – BTC / USD
The masses always pay attention whenever there is a chance to make a quick buck. According to Google Trends, all digital currency-related searches have dropped this year, except one. The forthcoming halving of Bitcoin continues to generate interest and will probably continue doing so for the next six months. “Bitcoin price” searches have pretty much mirrored the price chart itself, surging enormously when BTC hit its year-to-date high in June and dropping as BTC price drops.
Only BTC halving has generated more interest in the second half of this year, and there are a few reasons why. Before the next halving, there are about 289,000 BTCs to be mined. At the current price of BTC, that equals to about $2.1 billion or 1.6 percent of the market cap. At the moment, BTC has a 2.7 percent inflation rate every year. However, that would reduce to 1.8 percent after the halving, which is below the 2 percent target rate of the US FED.
Will 2020 BTC Halving See the Returns of the Bulls?
There have been enormous bull runs after the halvings in 2016 and 2012 and there is no reason for next year’s halving to be any different. The only difference is that the market is extremely bearish at the moment, and the price of BTC is still down by 46 percent from its year-to-date high. This might be part of the huge plan with accumulation intentions at a lower price range prior to the massive post having bull run.