Are you still waiting for Bitcoin (BTC) to recover after halving? Peter Brandt explains why probably you're wrong.
Those Bitcoin investors who still held onto their coins after the 38% collapse on March 12 probably don't want to miss another post-halving bullfight. However, with the most anticipated rally just 55 days away, the bullish narrative around it continues to unravel.
Prominent commodity trader Peter Brandt is the latest skeptic to question the impact of Bitcoin's halving and call it overrated.
Unlike fiat currencies, Bitcoin is a deflationary asset whose supply is capped at 21 million coins. On May 12, its supply will be halved once again as miners will only be able to receive 6.25 BTC per block.
Bitcoin halving = #Grossly_over_rated
The daily trading volume of BTC = the REAL supply of BTC
The daily reduction of mined $ BTCs (NEW supply) equals approx 2 / 100th of 1% of REAL supply
Reduction of NEW supply b / c of halving as% of REAL supply = chump change
– Peter Brandt (@PeterLBrandt) March 17, 2020
After halving, according to Brandt's calculations, Bitcoin's daily supply will drop by an infinitesimal percent compared to its trading volume, which he described as "real supply."