Many analysts are looking at how the cryptocurrency’s inflation rate will compare to gold’s after the halving, expected on April 19.
With the Bitcoin (BTC) blockchain halving expected to occur within four days, many analysts have suggested that the event could affect the cryptocurrency’s status as a store of value.
At the time of publication, roughly 630 blocks were left to mine before the Bitcoin halving occurred, placing the monumental event in the crypto space on April 19. In 2024, the BTC price reached an all-time high of more than $73,000, the United States Securities and Exchange Commission approved the listing and trading of Bitcoin spot exchange-traded funds on exchanges, and the crypto asset has continued to show volatility in its price.
Many crypto users and financial analysts claim that Bitcoin could be an effective hedge against inflation as countries’ central banks, including the United States Federal Reserve, devalue fiat currency by printing money. In contrast, there is a fixed supply of 21 million BTC, roughly 19.7 million of which have already been mined.