• Many Bitcoin advocates vent their hopes in the assumption that Bitcoin will hit $100,000-mark. 
• Reportedly, in an interview, Cocuzzo stated his disbelief about bitcoin’s halving event guaranteeing a surge in price.
• Cocuzzo was further heard stating his view on how the BTC rewards just keep diminishing due to halving events. Economist

For a long time, there had been much anticipation for the Bitcoin Halving event. Many Bitcoin advocates vent their hopes in the assumption that Bitcoin will hit $100,000-mark post-halving. However, there are also few who disagree with this very assumption. A recent disagreement that came to light was by ING Bank Economist and a finance expert Carlo Cocuzzo. 

BTC’s Halving event does not assure a rise in its price, asserts ING Bank Economist 

Reportedly, in an interview, Cocuzzo stated his disbelief about bitcoin’s halving event guaranteeing a surge in price. Besides that, he believes the Bitcoin’s supply being 21 million is the main obstacle in the coin reaching higher prices.

The Bitcoin Halving event is all about miners receiving half the reward coins they earlier used to. BTC rewards undergo reduction by half once in four years. And the main reason is to maintain an inflation balance. As an overall outcome, this lets the miners strive to provide additional computational power to the BTC network. 

A time will arrive wherein miners will no longer receive rewards, says Cocuzzo

Cocuzzo was further heard stating his view on how the BTC rewards just keep diminishing due to halving events. And what impact it might have on miners as a result. He asserted on how time will arrive wherein there will no more be any rewards at all.

Furthermore, the predictions related to high prices follow the trace of the increase in price BTC witnessed during its past Halvings. Its second Halving event had led to an increased price from $500 to $20,000.

However, to see a rise in price to that extent this year will be ironic due to the effects caused by the global pandemic. But also it is worth noting that the same pandemic effects can cause a shift of focus from Fiat money to Bitcoin. This conclusion is drawn by the fact that Fiat money is under high risks in regard to inflation.

Fiat specific in its function as a currency unlike BTC

Nonetheless, the finance expert also brought to light the differences in functions of Fiat and BTC. He highlighted the fact that BTC is still striving to function as a proper currency. Whereas fiat is specific in its function and uses the case as a currency. 

Additionally, he believes BTC is not of use when it comes to transaction processing. 

Lastly, he pointed out that no one in actual knows BTC’s real value as it might or might not be a store of value. 

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