Bitcoin News Today – Headlines for October 19

  • The 18th Million Bitcoin (BTC) Has Been Mined
  • Bitcoin (BTC) Price to Skyrocket Due to Scarcity

Bitcoin News Today – The 18th millionth Bitcoin (BTC) was just mined a couple of hours ago, at the time of writing. According to Statoshi.info, a newly mined block brought the 18th million BTC into existence. With this, there is only three million Bitcoin left to mine out of the hard-capped 21 million BTC supply.

The 18th Million Bitcoin (BTC) Has Been Mined

This piece of news might not seem relevant to those that are actively involved in the digital currency industry. However, the BTC community has been super excited about this event, and they are filling the Twitter feeds of dc investors across the globe. This is a piece of bullish news. The strict algorithmically enforced scarcity of Bitcoin, which many believe is what gives BTC such an edge over fiat currencies and altcoins, is believed to instill the asset with much of its value.

Bitcoin (BTC) Price to Skyrocket Due to Scarcity

Bayerische Landesbank (BayernLB) – a financial institution based in Munich – has predicted that the forthcoming block reward reduction would give Bitcoin (BTC) the momentum to jet past its previous all-time highs. Bitcoin (BTC) peaked at $20k in December 2017, and the financial institution believes that the BTC halving event would push BTC price over that level.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,166.26
-5.58%

In an extensive paper that Manuel Andersch – a senior analyst – wrote, he explained that due to Bitcoin’s characteristics and similarities to gold, its value might be able to be predicted fairly by a stock-to-flow model. According to the model, once the block reward of Bitcoin (BTC) is reduced by 50 percent next year, the price of the digital currency would skyrocket to $90k.

The model of BayernLB was derived from the model made by PlanB – a pseudonymous quantitative analyst working at a European financial institution. PlanB recently found out that the stock-to-flow model is cointegrated with the price of Bitcoin (BTC), which implies that there is a rather high chance that Bitcoin would skyrocket in the wake of the halving.

According to the analyst, the model fits the price action of Bitcoin (BTC) to a 95 percent R2 – a statistical metric used to represent how accurate a model is (0 percent is absolutely inaccurate, 100 percent is perfect).

Some analysts are also predicting that the price of Bitcoin (BTC) might surge to as high as $1 million after the halving event next year. This is a pretty outrageous Bitcoin price prediction. However, anything can happen since Bitcoin is known to be a very volatile coin.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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