Pioneer of Bitcoin and co-founder of the Bitcoin Foundation Charlie Shrem has shared a noteworthy recollection of the initial Bitcoin halving in 2012 on the social networking site X.
Back then, he and his coworkers had a serious worry that he has since shared with the cryptocurrency community.
Here’s what happened before first BTC halving
Charlie Shrem reminisced on the original Bitcoin halving, which happened at the end of November 2012, in a recent X post. The miner’s reward for a new block was lowered from 50 Bitcoins to 25 Bitcoins on that day, according to a tweet from Shrem.
Early Bitcoiner Shrem shared a picture of himself, Erik Voorhees, and Roger Ver from that day. He said that while they were all grinning, they were privately worried that the first Bitcoin halving wouldn’t succeed.
https://x.com/CharlieShrem/status/1780201232902046055
The world’s Bitcoin ecosystem anticipates the fourth Bitcoin halving this week, which will lower block rewards for miners from 6.25 BTC to 3.125 BTC.
Because the remaining 21 million Bitcoin are mined more slowly every four years, allowing for a lesser number of new BTC to be pushed into circulation on the market, each halving strengthens the deflationary nature of Bitcoin and makes it more scarce than before. The final Bitcoin is expected to be mined in 2140 in the meantime.
Bitcoin price in free fall
Since Friday, April 12, the world’s most popular cryptocurrency, Bitcoin, has been plummeting sharply for over a week. Despite two significant attempts to rebound, it has lost more than 10% of its value since then. As of this writing, Bitcoin is trading at $63,513, having traded at over $71,000 on that day.
Many people think that the decline over the weekend was caused by unfavourable geopolitical events in the Middle East and that it is still going strong since Fed Chairman Jerome Powell said that inflation is higher than previously thought.
The chance that the Fed would now lower interest rates has significantly decreased, which is bad news for risky assets like Bitcoin.
