-
New Spot Bitcoin ETFs Are Crushing the Supply/Demand Balance
In April 2024, an event referred to as “the halving” will occur within the bitcoin protocol. This is widely anticipated, in that it is written into the code that the block reward paid to bitcoin miners will shift from 6.25 bitcoin to roughly 3.13 bitcoin. Bitcoin’s protocol has a so-called “halving cycle” of about four years, so we have seen these events before—rewards started at 50, dropping first to 25, then 12.5 and then 6.25. This will keep happening between now and 2140, when all 21 million bitcoin slated to ever be created will exist. Figure 1 is a chart that we have shown before, noting that if we ... (full story)