Trump isn’t the only ‘story’ driving Bitcoin’s price higher, says exec

Donald Trump’s predetermination triumph successful the United States is improbable “the main story” down Bitcoin’s caller pump — with an expert pointing alternatively to a post-halving proviso shock. 

“If you’re wondering what’s happening with #Bitcoin… Yes, the incoming Bitcoin-friendly medication has provided a caller catalyst… But, that’s not the main communicative here,” said Onramp Bitcoin co-founder Jesse Myers successful a station connected X connected Nov. 11. 

“The main communicative present is that we are 6+ months post-halving.”

The Bitcoin (BTC) halving successful April chopped artifact rewards from 6.25 BTC to 3.125 BTC, which means each adjacent artifact becomes harder to lick for little reward. 

He added that this means a supply shock has accumulated, “There’s not capable proviso disposable astatine existent prices to fulfill demand,” and supply-demand terms equilibrium indispensable beryllium restored.

“The lone mode to bash that is for the terms to spell higher, which volition flywheel into mania and a bubble, but that’s however this happening works.”

He added that it sounds brainsick to accidental determination volition beryllium a reliable and predictable bubble each 4 years, but determination has ne'er been an plus successful the satellite wherever caller proviso instauration is halved each 4 years.

“A post-halving bubble is the result,” helium added, highlighting that this happened earlier aft halvings successful 2012, 2016, and 2020, and present it is happening again, and prices volition spell overmuch higher. 

Source: Jesse Myers

Onchain expert James Check echoed the sentiment comparing Bitcoin’s marketplace headdress to gold’s, which has added astir $6 trillion implicit the past twelvemonth but has “hundreds of billions of caller and recycled proviso coming to market.”

Bitcoin is conscionable $1.6 trillion successful marketplace headdress and is “absolutely scarce with holders who person been done hellhole galore times,” truthful it volition spell higher, helium predicted. 

Related: Bitcoin hits caller $85K high, with conscionable 17% near for BTC $100K record

On Nov. 12, American financier Anthony Scaramucci hinted astatine the aforesaid thing, stating to those not already agelong connected Bitcoin, “It whitethorn consciousness similar you missed it, but you didn’t. It’s early.”

He was assured that the US would found a strategical Bitcoin reserve and different countries would follow, on with organization plus allocators and managers.

As of today, 94% of each the Bitcoin successful beingness are already successful circulation oregon lost, which means determination are lone astir 1.2 cardinal BTC near to beryllium mined, putting further unit connected proviso and demand. 

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