Chief Compliance Officer (COO) Reku Robby assesses that the 2024 Bitcoin halving cycle is different compared to halving moments in previous years.
What makes the difference is that Bitcoin managed to reach its highest price before the halving moment occurred. Usually, said Robby, Bitcoin experiences a price spike one year after the halving occurs.
“The current market is far beyond predictions, the previous halving ATH (all time high) has not happened at times like this, but in 2024, ATH will happen sooner,” said Robby in the Reku Finance Flash discussion event as reported by Antara, Thursday ( 3/14).
Bitcoin halving is an event that occurs once every four years when the reward for Bitcoin miners (block reward) is halved after completing mining 210,000 blocks.
This year’s Bitcoin halving is predicted to occur next April.
Robby revealed that there were several factors that pushed Bitcoin prices to reach new record highs before the halving moment, one of which was the approval of the Bitcoin Spot ETF in the US by the Securities and Exchange Commission (SEC) in January 2024.
Also read: 2024 Crypto Asset Transactions Predicted to Exceed Last Year’s Record
“The ETF opens up great opportunities for people who were initially confused about storing crypto assets, but the Bitcoin Spot ETF makes it easy for people to save and invest in crypto,” said Robby.
Apart from that, the large number of large institutions that have begun to invest in crypto assets has also contributed to the increase in Bitcoin prices, reaching record highs.
“The hope is that in Indonesia (institutions) will also start to be allowed. So, not only individual investors will transact crypto, but also institutions,” he explained.
Also read: Bitcoin Price Predicted to Strengthen to IDR 1.2 Billion
On the same occasion, Head of the Commodity Futures Trading Development and Development Bureau of Bappebti Tirta Karma Senjaya said that with so many individuals and institutions buying Bitcoin, the supply of Bitcoin is increasingly limited.
This has an impact on increasing the price of Bitcoin on the market.
“Even before the halving, it continued to rise, what about after the halving,” said Tirta.
Also read: The World’s First Crypto Exchange Building, CFX Tower, Inaugurated in Jakarta
Regarding the approval of the Bitcoin Spot ETF in the US, Tirta revealed that his party has paid attention to the Bitcoin Spot ETF product for implementation in Indonesia.
However, currently Bappebti is still focused on providing additional features for crypto investors such as staking and futures trading.
“Currently in Indonesia the market is still spot, while globally the futures market has a much larger value. We are targeting futures this year,” said Tirta.
Also read: Bitcoin price movements have the potential to become a safe haven asset
Meanwhile, BitcoinIndo21 Community Co-Founder Dimas Surya Alfaruq also expressed positive sentiment about crypto assets, who assessed that the crypto market will turn green during the Bitcoin halving.
Therefore, investors need to prepare trading and investment strategies in order to make good use of the market situation.
“Bitcoin halving reduces the rate of supply of Bitcoin in the market, allowing the price of Bitcoin to have the potential to rise significantly. Currently, it can be said that the crypto market is also in a bullish phase, as seen in prices which tend to be stable,” he said. (Z-6)
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