Much awaited third-ever Bitcoin block reward halving is not so far now. The next bitcoin halving event is expected to take place in the month of May. The notable thing about May 2020 Bitcoin halving is that the block reward of miners will get reduced from 12.5 BTC to 6.25 BTC.
As the next Bitcoin halving event is approaching, the top cryptocurrency exchanges have shared their perspective regarding the major halving event according to a report from the crypto news site “The Block”. Some of these exchanges believe that it will ensure the new entrance in the market.
Major crypto exchange Kraken’s Chief Operating Officer (COO) Dave Ripley says that the upcoming bitcoin halving will result in the new entrance of participants in the market. “Historically, we have seen a price surge in the 1.5 years after the halving, so it’s highly possible we’ll see new entrants in the market,” says Kraken COO.
Top crypto exchange Paxful’s CEO and Co-founder Ray Youssef also agrees with the view of Dave Ripley and says that if past patterns come true then halving will bring more new users in the market. According to Paxful CEO:
“there has been an unprecedented surge in demand and price in the aftermath of the past two halvings. Though it would be hard to say, of course, if the past patterns will hold true, [it will bring new users in the market].”
KyberSwap which is a non-custodial crypto exchange also gives its perspective. KyberSwap’s head of products Sunny Jain believes that after this halving event, the demand for bitcoin will expectedly increase while the Bitstamp exchange thinks that the halving event will have a long-term influence over the market.
While sharing its thoughts regarding the next bitcoin halving, the crypto exchange Gemini asserts, “we do expect more people will look at bitcoin, and recognize the halving event as a stark — and compelling — juxtaposition to the quantitative easing policies being favored by the U.S. Federal Reserve and other central banks.”
The major global crypto exchange OKEx has a different perspective regarding May 2020 Bitcoin halving as compared to other top crypto exchanges. The director of financial markets at OKEx Lennix Lai states that the halving will give rise to the competition among miners. As Lai stated:
“We expect the competition among miners would be getting intense. Whilst the most efficient miners shall prevail, we believe there would be a surge in demand for miner-oriented financial products which would assist miners to manage their price risk and expected cash outflow.”