Bitcoin Hash Rate Won’t Drop After Halving If BTC Price Rises Above $20,000: Analyst      

Libra Coin News
Tue, 09/03/2019 - 16:15
Alex Dovbnya
From Bitcoin’s halving to Libra and Venus — read Aly Madhavji’s take on the current state of the crypto industry  
Cover image via 123rf.com
Contents

Aly Madhavji of the Blockchain Founders Fund has recently told RT International that the upcoming Bitcoin halving won’t lead to the exodus of miners. He predicts that the BTC price will almost double until that time.

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Miners will be “better off” after halving 

Bitcoin miners have netted more than $14 bln in profits. During the upcoming halving, the mining reward will decrease from 12.5 BTC to 6.25 BTC. However, Madhavji it will not take a toll on BTC’s hash rate if the coin’s price surges above $20,000.

Given the recent turmoil with the trade war and economic instability, we could see the price of Bitcoin doubling between now and the havling. At the price above $20,000, miners would actually still be better off even in that scenario, and I think that’s a very realistic scenario that we can look forward to given all the instability around the world.”        

Lagging behind crypto hubs

Madhavji has also weighed in on the current regulatory uncertainty in the United States. Plenty of countries, such as Malta and Switzerland, are jumping head-first into crypto, but the US is reluctant to move forward with regulations.  

Moreover, stablecoin operator Tether, which underpins a huge chunk of Bitcoin’s trading volume, remains in the crosshairs of the NYAG.

We will see whether Tether will be able to hold its dominant position,” Madhavji says. 

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Venus vs. Libra

Meanwhile, Facebook’s Libra has been berated by banks and regulators around the globe. As previously reported by U.Today, a delegation of US lawmakers went to Switzerland to examine the potential impact of the soon-to-be-launched cryptocurrency.

Madhavji claims that crypto behemoth Binance, which has recently announced its Venus stablecoin, will work with regulators to avoid the problems Facebook has faced.

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.