The Bitcoin halving, which occurs every four years, is a monumental event for the cryptocurrency in which the rate of supply of Bitcoin is cut in half. This year, Bitcoin’s rate of production went from 12.5 bitcoins every ten minutes to 6.25.
The result is a combination of decreased supply and increased demand for Bitcoin, creating upward price pressures. Additionally, the halving event in 2020 has now lowered Bitcoin’s inflation rate to 1.8%, which is lower than the target rate of the U.S. dollar and other global currencies.
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While it’s too early to tell the exact effect this year’s halving will have on the price of Bitcoin, historic data suggests that dramatic price increases could follow. Shortly after the halving in 2012, Bitcoin’s price increased 8,189%, and after 2016, another bull run followed with a price increase of 2,237%. With the third halving just happening in early May 2020, Bitcoin’s price could soon rise to exceed $280,000.
“Our internal data at Bitcoin IRA shows signs of increased demand for Bitcoin inside IRA & 401(k) accounts,” explains Chris Kline, COO and Co-Founder at Bitcoin IRA, citing record transaction volume in April and May of 2020. “As more investors look for retirement alternatives to the traditional stock market and awareness of cryptocurrency continues to build, a promising trend will continue for Bitcoin.”
Individuals interested in adding Bitcoin, other cryptocurrencies or even physical gold to their IRA can learn more at bitcoinira.com or by calling 866-333-4307.
About Bitcoin IRA
Bitcoin IRA, available at bitcoinira.com, is the world’s first, largest, and most secure digital asset IRA technology platform that allows clients to purchase cryptocurrencies and physical gold for their retirement accounts.
The company provides a trading platform for self-directed retirement accounts which allows clients to set up a qualified digital asset IRA account, transfer funds from an existing IRA custodian, execute trades in real-time 24/7 through a leading exchange, and store the funds in an industry leading multi-signature digital wallet from BitGo, Inc.
Since 2016, Bitcoin IRA has processed over $400 million in investments, has over 50,000 account holders, and has received more than 650 5-star client reviews. The company has been featured extensively in the media, with coverage in Forbes magazine, CNBC, CoinDesk, and The Wall Street Journal, among other leading publications.
Bitcoin IRA is a financial services technology provider, and as such, is not a financial adviser, cryptocurrency, exchange, custodian, wallet provider, initial coin offering (ICO), or money transmitter. Bitcoin IRA is privately funded and based in Los Angeles.
Learn more about Bitcoin IRA at bitcoinira.com or call 866-333-4307.
SOURCE Bitcoin IRA