Bitcoin Halving Spikes in interest! Bitcoin Halving spikes interest via Google Trend – but it’s not clear whether or not the cryptocurrency will bolt towards its 2017’s all-time-high near $20,000.
The search engine’s Google Trends feature shows that the term “Bitcoin Halving” has doubled this month from December to levels that have not been since since 2016.
According to Arcane Research, the increasing number of Google searches could be a sign that greater public interest is increasing – this could be a potential catalyst for higher prices in 2020.
“The Bitcoin Halving is gaining more traction…. There is now a clear indication that awareness of the concept is spreading to new people,” Arcane said Friday in the report.
While Google Trends does not disclose the actual number of searches on “Bitcoin Halving”, it does, however, publish data showing the search term. For “Bitcoin halving”, that happened in 2016, the prices doubled that year and surged 13 times in 2017.
Bitcoin’s Halving is built into the software’s code – every four years, the Bitcoin network undergoes a 50% reduction in its “mining rewards” – essentially, the number of new units of “Bitcoin” that will be rewarded to computer operators that are working to confirm data on the blockchain network.
Some crypto enthusiasts are saying that this event could boost Bitcoin’s price because the pace of new issuance will decrease at a time that many investors are moving into the market. German Bank BayernLB predicted that the halvening could send Bitcoin to a new record high of around $90,000, but some investors are saying that the price is already reflecting what will happen.
According to bitcoinblockhalf.com, the halvening will happen on or around May 12th of this year. What do you think? Do you think Bitcoin will skyrocket up? Or is the price already factoring in the halvening? Let us know on our Facebook page!