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Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

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  • Alex Dovbnya
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    Market expert Willy Woo pours cold water over Bitcoin halvening hopium

Bitcoin halvening
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The upcoming Bicoin halvening remains a predominant narrative of the bulls who hope for enormous price gains. Leading cryptocurrency market analyst Willy Woo states that the Bitcoin price might not experience another massive price rally this time around. 

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Woo points out that Bitcoin is eerily bearish ahead of the upcoming halving event that is expected to happen in May. The BTC price dropped from its yearly high of $14,000 to just $8,100. He further explains that this drop has pushed a lot of weaker miners to the sidelines.      

With about six month left until the block reward will be reduced from 12.5 BTC to just 6.25 BTC, miners are already on the verge of a capitulation. As reported by U.Today, there is a 60 percent chance of another massive hash rate drop, which will be similar to the one that took place in December 2018 when the BTC price nose-dived to $3,100. 

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Normally, Bitcoin miner capitulation marks the local market bottom. However, here's the thing -- miners never left the network right before the halvening, which means that they would be willing to miss out on potentially big gains. 

According to Woo, the fundamentals are different prior to Bicoin's third halvening. Hence, he doesn't expect it to repeat the fate of the two previous cycles.  

Back in September, commodity trading vet Peter Brandt predicted that the BTC price would bottom at $5,500 in February before starting its next bull run to $50,000.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ethereum’s Vitalik Buterin: Fiat Money Will Not be Destroyed

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  • Vladislav Sopov
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    Vitalik Buterin, Co-Founder of the Ethereum Foundation and “father” of Ethereum, sat down with Eric Weinstein on The Portal podcast to discuss “old” and “new” economics.

Vitalik Buterin, Ethereum: Fiat Money Will Not Be Destroyed
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Contents

Two intellectuals, Vitalik Buterin (Creator of Ethereum), and Eric Weinstein (PhD, scientist, and Managing Director at Thiel Capital), recently sat down on The Portal to discuss Mr. Buterin's attitude towards the "classic" economics theory.

Libertarianism and Diversity

When both individuals discussed libertarianism, Vitalik Buterin said that libertarians mostly belong to two large groups characterized as either a "leave me alone'" or "conquer the world" approach. This divergence can be extrapolated into cryptocurrencies in terms of their mass adoption.

Mr. Buterin highlighted that there are participants within the crypto community that are assured that fiat currencies will be destroyed and replaced by Bitcoin (BTC). In general, Mr. Buterin estimated that the prospects of any "short-term disruption" for the sake of some "nebulous long-term gain" is skeptical. He said:

I'm definitely not in the camp that actively relishes that fiat currencies will be destroyed. 

Mr. Buterin added that several members within the Bitcoin community share this belief.

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Peaceful Coexistence

Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system. He also added that cryptocurrencies will provide "checks and balances" against a government monopoly on "issuing money" rather than "replacing it entirely".

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Mr. Buterin is well-known as a champion of pluralism in future world of cryptocurrency. He is sure that different communities will defend their views on its development.

Will crypto one day replace fiat money? Tell us your opinion on Twitter.

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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