The upcoming Bitcoin halving in April is generating significant anticipation in the crypto world. This halving, which follows the approval of spot Bitcoin exchange-traded funds (ETFs) by the SEC, is attracting a lot of attention. Julian Grigo, head of institutions and fintech for Safe, believes that the halving serves as a reminder of Bitcoin’s unique qualities compared to fiat currency. Grigo also notes that Ether’s supply is decreasing, making it an even better store of value than Bitcoin. Joey Garcia, director and head of public affairs, policy and regulation at Xapo Bank, predicts that the halving will have a positive impact on Ethereum and the broader market. The reduction in mining rewards from 6.25 BTC to 3.125 BTC is expected to increase pressure on Bitcoin’s supply. Alun Evans, co-founder of Laos Network, believes that a rise in Bitcoin’s price post-halving will lead to price increases in Ethereum and other cryptocurrencies as investors diversify their portfolios. However, Evans also warns that rapid price appreciation in Ethereum could have downsides, making the network less accessible and cost-effective for users and developers. Siddharth Lalwani, CEO of Range Protocol, suggests that positive price appreciation for Ethereum is not solely due to the halving, but also factors such as Ethereum’s Dencun upgrade, the Bitcoin halving, and the potential approval of spot Ethereum ETFs by the SEC. Jordi Alexander, chief alchemist at Mantle, agrees that Ethereum’s price appreciation should not be attributed solely to the halving, as other industry milestones and events have also contributed. Despite this, Alexander believes that both Bitcoin and Ethereum remain good long-term investments. Aki Balogh, co-founder and CEO of DLC.Link, is bullish on Bitcoin due to the halving and other factors that are reducing the supply. Balogh also notes that ETH and other tokens are highly correlated to BTC, so an increase in Bitcoin’s value will have a secondary effect on the values of other tokens. Overall, the Bitcoin halving is seen as a significant event that highlights the emergence of crypto as a new asset class, with Ethereum potentially benefiting the most.
What impact will the Bitcoin halving have on the price of ETH?