Bitcoin prices will rise because of Bitcoin Day Bitcoin?

Halving Day Bitcoin is the talk of the cryptocurrency community in Indonesia.

The discourse on Bitcoin Day Bitcoin Day in 2020 is predicted to increase the price of bitcoin.

About Halving Day Bitcoin is the talk of the cryptocurrency community in Indonesia.

Regarding the price of bitcoin will rise when the Halving Day Bitcoin after Indodax Founders and CEOs predict that bitcoin prices will rise like Halving Day in 2016.

Gabriel Rey, CEO of the crypto exchange Triv.co.id and Tpro.co.id, believes the bullish trend in Bitcoin will occur through the price of US $ 20,000 per bitcoin or BTC which was formed in December 2017.

This is the peak price of Bitcoin since its appearance in early 2009.

"I predict, if Bitcoin in 2020 can rise above 6,000 US dollars, then bullish will occur targeting 25,000 US dollars," Rey said on Saturday (03/16/2019).

According to Rey, bitcoin is fundamentally stronger, such as the presence of Fidelity Digital Asset, Lightning Network, Bakkt, and many more.

"If there is a FOMO (fear of missing opportunity), it will be greater than FOMO in 2017. Moreover, bitcoin users are now much more," said Rey, who has been in the Bitcoin world since 2014.

But Rey reminded, Bitcoin prices will still be bearish this year if they have not been able to breakout the level of 6,000 US dollars.

At present, bitcoin is still moving sideways in the range of US $ 3,000 to US $ 4,000.

To Bitcoin investors, Rey suggested buying bitcoin when prices were above 6,000 US dollars.

"I suggest, if you want to be safe, buy a Bitcoin when the price is above 6,000 US dollars. However, for those who are risk takers, if they want entry now it is also not a problem, yet the price has dropped 90 percent. Even if it goes down again, at most 5 percent (to 95 percent). But this is accompanied by greater capital gains, "

Halving Day refers to the standard concept in bitcoin, which is a reward per block to miner which is reduced by half.

This happens every four years or every 210,000 blocks.

This reduction will have an impact on the availability of Bitcoin as a whole, so that Bitcoin has the potential to become more expensive, because it allows demand to exceed the supply in the market.

In other words, the amount of supply increases, but is smaller than before.

Remember, the number of Bitcoin is limited to a maximum of only 21 million units. As of March 15, 2019, there were around 17,589,650 units in circulation.

Crypto currency investors, Bitcoin is waiting for the arrival of Halving Day.

Because Halving Day is a moment for Bitcoin miners to gain cuan.

Indodax's CEO, Oscar Darmawan, said, at Halving Day, the reward per block will be reduced to half.

This reduction occurs once every four years or every 210,000 blocks.

"This reduction will have an impact on the provision of bitcoin as a whole so that bitcoin has the potential to become more expensive because it allows demand to exceed the existing supply in the market,"

He added that the first Halving Day has been passed in 2012, where 25 bitcoin per 10 minutes have been made by bitcoin miners.

And the second 2016 Halving Day produces 12.5 bitcoin per 10 minutes.

From there, the rewards will decrease again to 6.25 bitcoin per 10 minutes in 2020.

"Therefore, if we assume that the demand is fixed or increased, the new supply circulating in the market will not be able to keep up with the demand, so prices can rise," Oscar explained.

Luno Indonesia's Country Head of Growth, Claristy, said that bitcoin is a long-term asset or commodity to be collected by investors.

He said the reason for choosing bitcoin is fluctuating prices and is currently seen as an alternative asset for portfolio diversification.

"So in addition to investing in stocks, mutual funds or gold, bitcoin is one of the selected investors,"

Claristy said, "The price tends to be stable, so there is still a lot of holding (hold). But when the volatile prices of the market will be busy choosing bitcoin."

Claristy acknowledges that the reason the market chooses bitcoin is one of them is Halving Day which only occurs once every four years.

"Halving Day is indeed the thing that has been set in the bitcoin protocol to maintain the value of bitcoin itself," Claristy said.

Claristy said, "Imagine if bitcoin circulates in large numbers and short time or if the bitcoin inventory never stops then bitcoin will lose value."

According to Claristy, Halving Day which happened in 2016 helped raise the price of bitcoin until it reached the peak of December 2017.

However, he cannot predict the price increase in 2020.

He also did not recommend the right time for market players to buy or sell bitcoin.

It's just that, for Christy Bitcoin is still a cryptocurrency with the highest liquidity and market cap since its inception.

At present, the trading price of bitcoin reaches Rp. 55.7 million with a market cap of 68,882,600,200 US dollars.

"Looking at January 2017 the price of one bitcoin is around Rp. 11.72 million and currently touches the level of Rp. 55.71 million. So you could say the price increase reached 3.75 or almost 4 times as much, "

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