With the countdown to Bitcoin‘s much-anticipated halving event underway, the cryptic statements attributed to Satoshi Nakamoto, the elusive creator of Bitcoin, resurface, igniting fervent anticipation and speculation within the cryptocurrency community.
Believed to have been articulated by Nakamoto before vanishing from the social media landscape, these remarks have reignited curiosity and contemplation regarding the significance surrounding the impending halving.
Nakamoto, the enigmatic figure who introduced Bitcoin to the world through the publication of its white paper and the mining of its genesis block, notably withdrew from the cryptocurrency sphere three years subsequent to these milestones, as evidenced by an email to a fellow Bitcoin developer on April 23, 2011, announcing his departure to pursue other endeavors.
As the Bitcoin community collectively awaits the imminent halving event, a reflective ambiance permeates the atmosphere, with Oklink reporting a remaining countdown of one day and 11 hours.
Galaxy’s recent tweet and report concerning the forthcoming Bitcoin halving event resonate with Nakamoto’s prophetic words from February 11, 2009: “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”
According to Galaxy’s analysis, Nakamoto ingeniously programmed the halving mechanism into Bitcoin as a safeguard against the continuous devaluation of fiat currencies, thereby prompting a reevaluation of this particular statement attributed to Nakamoto.
Scheduled for April 20, 2024, Bitcoin’s fourth halving is poised to occur at block 840,000, resulting in a reduction of the Bitcoin block reward from 6.25 to 3.125 BTC. Consequently, Bitcoin’s annualized issuance rate will decrease from 1.7% to approximately 0.85%, with 93.7% of the total Bitcoin supply already in circulation at the time of the event.
These figures underscore the immutable nature of Bitcoin’s monetary policy, reaffirming its longevity with each halving event. While halvings will persist, stakeholders are reminded that there will be no bailout from the traditional financial system. The impending halving on April 20, 2024, serves as a poignant reminder to the market of Bitcoin’s distinctive characteristics.
In a poignant nod to Nakamoto’s ethos, Galaxy Research echoes one of his sentiments from July 29, 2010: “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”
