As the Bitcoin halving event took place, leaders in the crypto community offered their perspectives on how it would impact the crypto space. The halving occurred on April 20 after the 840,000th block was mined, resulting in a reduction of mining rewards from 6.25 BTC to 3.125 BTC. At the Token2049 event in Dubai, community members shared their thoughts on the halving.
Emin Gün Sirer, founder of Avalanche, expressed two different viewpoints on the halving. From a technological standpoint, he believed that the halving was not ideal as it meant less money securing the network. However, Gün Sirer also acknowledged that the event had a positive effect on crypto by creating speculation and driving more people to invest in Bitcoin, which in turn benefited the rest of the crypto space. He predicted that the crypto space would grow tenfold in the future.
On the other hand, Tether CEO Paolo Ardoino did not expect the halving to immediately impact the price of Bitcoin. He believed that the halving had already been priced in, but the interest in Bitcoin ETFs was not. Ardoino remained optimistic about the potential impact of spot Bitcoin ETFs, stating that when pension funds and other hedge funds start investing, significant price movements would occur.
Justin Hyun, the director of investments at The Open Network (TON) Foundation, emphasized that the halving demonstrated how code functioned as the law in the crypto space. He hoped that those who experienced the halving for the first time would become more curious about different networks and their interactions with code and users.
Overall, the Bitcoin halving event sparked various perspectives within the crypto community, with some focusing on the technological aspects, while others highlighted the potential growth and impact on prices and new participants entering the space.