Bullet Point Summary
• In nine months, the Bitcoin blockchain will add its 840,000th block and halve the reward rate for miners from 6.25 BTC to 3.125 BTC.
• ChatGPT predicts that post-halving in 2024, Bitcoin prices could double or triple the pre-halving price, reaching a range of $60-$90,000.
• Other long-term bitcoin pricing models predict even higher prices for Bitcoin in the future.
Bitcoin Halving Events: What to Expect After The 2024 Halving
The Bitcoin (BTC) blockchain is set to add its 840,000th block in approximately nine months – an event known as a “halving” which results in the reward for miners being cut from 6.25 BTC to 3.125 BTC and reducing the inflation rate of the bitcoin supply by half. This event has historically preceded impressive run-ups in bitcoin values; Matrixport and Standard Chartered recently put out forecasts for bitcoin to exceed $100,000 next year after the halving while Morgan Creek Capital predicted it could rise above $300,000 by 2028’s halving. To get a better understanding of what could happen after this upcoming halving event in 2024, we asked ChatGPT – a leading artificial intelligence chatbot – about its thoughts on potential post-2024 prices for bitcoin.
The chatbot predicted that “given past trends,” there is potential for a significant increase in value post-2024 halving with prices potentially doubling or tripling from pre-halving levels – placing them somewhere between $60-$90,000 USD per token. However it was noted that other factors such as regulatory changes and macroeconomic trends could also play a role in impacting the price of bitcoin during this period of time as well.
ChatGPT’s prediction is considered conservative when compared to several other long term models such as Bitcoin Stock-to-flow which suggests that by 2021 we can expect prices beyond $100k per token and up into six digits by 2028 following their respective halvings; however these predictions are based on numbers alone with some estimates going well beyond these numbers depending on how quickly adoption increases over time along with other variables like regulation etc..
The upcoming halvening of Bitcoin’s supply has caused excitement amongst investors who hope it will result in another impressive run up similar to those seen before previous events; however exact predictions are difficult due to varying external factors which may affect market sentiment during this period of time overall. While ChatGPT’s prediction is considered conservative when compared with others – expecting around double or triple pre-halvening values – more ambitious calculations suggest even higher numbers within just seven years’ time if all goes according to plan!