2024 bitcoin halving to trigger another market frenzy, says Thai exchange

According to Bitkub Capital Group Holdings, the largest digital-asset exchange in Thailand, Bitcoin will experience a bull run and market frenzy as it undergoes another halving.

As Satoshi Nakamoto’s founder, Halving is the process by which bitcoin’s supply is maintained at 21 million BTC. Each four years it takes place, and the mining reward (or the incentive) for creating new blocks is slashed 50 percent each time.

According to past trends, Bitkub Capital CEO Jirayut Srupsiropa sees a golden period for both the largest cryptocurrency in the world and the entire crypto market. He said that the market will still experience short, volatile periods with price corrections and fluctuations, but this is not impossible.

Around 90% of bitcoins, or 18.9 million BTC, is already in circulation. Although it might seem like Bitcoin supply is running out, network estimates indicate otherwise.

Although it took nearly 12 years for the bitcoin market to reach 90% since its inception in 2009, the virtual currency’s remaining reserves are expected to last just over 120 years until 2140.

At the moment, for every BTC mined, the miner receives a reward of 6.25 bitcoins. This figure will drop to 3.25 bitcoins after the 2024 halving event. In. The mining reward will drop to 1.625 Bitcoins in 2028.

The 2022 year began with a very rough start for Bitcoin and other cryptocurrency, with crypto market capitalisation falling by more than 30 percent since the beginning.

Market cap is currently at $1.77 trillion. It was $3.1 trillion in November.

The world’s most valuable cryptocurrency, valued at $38,552.71, is nearly 44 percent lower than its record high of $68,789.73 in November 2021.

Global institutional investors are increasingly interested in cryptocurrency markets. Thailand plans to establish regulations for it. Cryptocurrency is a sign of the country’s growing interest in this market.

A cafe in northern Thailand, for example, serves coffee and also offers investment advice. It also plans to start its own cryptocurrency.

Commercial banks were asked to avoid crypto. However, Thailand’s tourism sector is looking to a crypto-route of recovery. The Tourism Authority of Thailand plans to launch its own cryptocurrency, and collaborate with local cryptocurrency exchanges to create infrastructure to accept crypto as a means of tourism investment.