Tether CEO Says Pricing "Hard to Predict" As Bitcoin Halving Approaches

[Webster]

https://www.theblock.co/post/282905/tether-ceo-paolo-ardoino-says-pricing-hard-to-predict-as-next-bitcoin-halving-approaches

As the next bitcoin halving quickly approaches, Bitfinex CTO and Tether CEO Paolo Ardoino says its effect on price could be hard to predict as spot bitcoin exchange-traded funds increase the demand.

During an online event hosted by Bitfinex on Friday, Ardoino was asked how the upcoming bitcoin halving event could affect prices, which he said could be hard to predict. "Already today, the demand of bitcoin is far outpacing existing mining," Ardoino said. "So we are seeing with these big institutions and the ETFs … the demand of bitcoin is far exceeding the current mining output. So sure, the mining output will reduce by half but that is a perception issue. The vast majority of the bitcoins have already been mined."

While Bitfinex is no longer the dominant centralized crypto exchange it once was, USDT is the stablecoin most used in bitcoin trading. Tether has a market capitalization of $103 billion as of this writing.

The next halving event is set to happen in April, which is expected to cut miner rewards from 6.25 bitcoin per block to 3.125. Mining revenue for bitcoin hit an all-time high last weekend, according to previous reporting from The Block. This comes as the price of bitcoin broke through to a new high of $71,000 this week, though it has since tapered off closer to $68,000.

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[magnus2022]

The reason is not farfetched because of instablity in global economics. Inflation is increasing and there is war on different areas of the world. We are in global recession now. All these negative factors will make even a professional economist to be confused