Legendary hedge fund manager Paul Tudor Jones has also been touting bitcoin lately as a potential hedge against inflation that could be created by central bank stimulus — much like gold.
Crypto investors also point to the fact that bitcoin prices soared in the first few months after previous halvings in 2012 and 2016. That could happen again this year, especially because of what's happening in the global economy.
"This halving is transpiring at a time when governments are enacting unlimited amounts of monetary and fiscal stimulus," said Michael Sonnenshein, managing director with Grayscale Investments, a digital currency asset management firm.
"Bitcoins are now viewed as a safe haven — kind of like digital gold. It's a verifiable scarce asset with predetermined and predictable supply," Sonnenshein added.