As the next Bitcoin halving event approaches, Bitfinex CTO and Tether CEO Paolo Ardoino noted that it may be difficult to predict its impact on price due to increased demand from spot Bitcoin ETFs.
During a recent online event hosted by Bitfinex, Ardoino was asked about the potential effects of the upcoming Bitcoin halving on the BTC price. Ardoino emphasized that the current demand for Bitcoin significantly outstrips the amount of coins produced by mining.
“Even today, Bitcoin demand far outstrips current mining,” Ardoino said and added:
“We're seeing these large institutions and ETFs… Bitcoin demand far exceeds current mining production. Of course, mining production will decrease by half, but this is a perception problem. “The vast majority of Bitcoins have already been produced.”
The next halving event, scheduled for April, is expected to reduce miner rewards from 6.25 BTC per block to 3,125.
BTC price managed to rise above $73,000 this week, but with a sudden decline, it even reached around $65,000 today.
*This is not investment advice.
