A recent CNBC article discusses another potential reason for bitcoin’s 200% rise this year, describing one particular theory that is gaining traction – “the halvening.” According to the article, the event is where rewards to so-called bitcoin miners are cut in half. Every few years, rewards are halved in order to keep a lid on inflation. Currently, the number of bitcoins awarded to miners who win the race to solve complex math problems to validate bitcoin transactions stands at 12.5. Experts say that, by May 2020, the reward per miner will be halved again, to 6.25 new bitcoins. “Bitcoin’s current inflation rate is approximately 3.76%,” read a quote in the article by Mati Greenspan, senior market analyst at social trading platform eToro. “In May of next year, it’s scheduled to be reduced to 1.8%.” Often referred to as “digital gold” due to its supply and liquidity dynamics, experts say the cryptocurrency’s value is underpinned by the scarcity of the total number of bitcoins in existence.
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