Tether Co-Founder William Quigley on How Bitcoin Halving Will Reshape Crypto Markets
Bitcoin halving stands as a significant event within the cryptocurrency sphere, signaling a shift for miners, institutions, and the overall market.
This scheduled occurrence, happening roughly every four years, is expected to take place this April and would directly impact Bitcoin’s supply by reducing the mining reward by half, a core aspect designed to preserve its value over time.
In a conversation with Cryptonews.com, William Quigley, a venture capitalist who co-founded the stablecoin issuer Tether and the NFT platform WAX.io, delved into the broader effects of Bitcoin halving.
Quigley elaborated on the intricacies of Bitcoin halving, its direct impact on the crypto market, and particularly, how it affects both miners and individual investors.
Quigley first touched on Bitcoin’s price forecast post-halving, elaborating how the market would adjust to the event based on previous records.
“There is a historically Bitcoin prices increased the months following the Bitcoin halving,” said Quigley. “For the first halving in November 2012, Bitcoin went up 100 times from its pre happening level, $12 to $1,200.”
“The second halving, it went up about 30 times, from $650 to $20,000. And the third halving, it went up eight times, from $8,500 to about $19,500,” he said.
Though Bitcoin price has always been surging following the halving events, Quigley pointed out that the multiple has kept dropping, from 100 times, to 30 times, and the most recent eight times.
“So, you know, maybe four times, three times this time,” he predicted. If Bitcoin price were to regain the $70,000 level by [presumably] April 20, four times of its value could exceed the $300,000 mark.
Tether co-founder on why Bitcoin could reach $300k at the peak of the next bull
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