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In Cubas capital, Havana, a Bitcoin community has emerged from an economically antagonistic environment. Satoshi didnt create Bitcoin for Cubans, but it really comes in handy for us, Forte, co-founder of the aptly named local Bitcoin organization Cuba Bitcoin, tells Magazine.

Cubans are turning to Bitcoin because their money is increasingly worthless. Zimbabwe, Venezuela and Lebanon often compete for media coverage about runaway inflation levels, but the Cuban peso is not far behind.

The Cuban peso has devalued so much over the last few years that carrying bags of cash is increasingly common among the rich and the poor. In practice, even if someone bought Bitcoin at the top of the 2021 bull run at $69,000, their money is worth much less in Cuban pesos. Whereas Bitcoin dropped 80% to its bear market low, it has since recovered 100%, and the peso has devalued by 90%.

The realization that someone should swap local currency for the Bitcoin top, knowing that it will crash and theyll still retain more purchasing power, is one of the many financial wake-up calls received while working on Cointelegraphs new documentary, The Truth Behind Cubas Bitcoin Revolution.

In 2021, I came across the article Inside Cubas Bitcoin Revolution by Human Rights Foundation chief strategy officer Alex Gladstein, in which he explains how and why Cubans were utilizing Bitcoins stateless and low-fee properties to save money and escape financial oppression. In line with the Bitcoin mantra of Dont trust, Verify, I went to see with my own eyes what Gladstein described.

Camera in hand with my trusty travel partner Paco de la India by my side, I network my way into the Cuba Bitcoin community, which now counts thousands of enthusiasts and advocates.

Following one of the largest financial conferences in the world, Bitcoin Miami, in arguably the worlds most capitalist arena, the United States of America, I hop across the Caribbean to Cuba, one of the few extant socialist states. The contrast hits me harder than the Cuban tropical heat.

From the moment I landed at Havana Jose Marti International Airport, I noticed some funny quirks: doors open manually (forget automatic sensors), check-in and immigration are done on pen and paper, and the taxis are 1950s Chevrolets.

Its common to describe visiting Cuba as a time warp. Its not hyperbole; Cuba cannot access world markets, financial institutions or trade. The United States has subjected Cuba to a trade embargo the longest in modern history since the island nation nationalized U.S. oil refineries in 1960.

As a result, Cuban industry, economic output and commerce lag far behind the modern world.

The embargo, coupled with more than half a century of communism, has resulted in a highly educated, extraordinarily literate but desperately poor and hungry population, many of whom possess a heartbreaking desire to leave the island, or in Spanish, to find a salida an exit.

Why stay in a country where a taxi driver earns more than an atomic engineer and the emaciated engineer struggles to feed their family?

In such an environment, its a wonder why Cubas dont flock to Bitcoin as money that exists outside of state control. However, many Cubans are learning about and slowly turning to Bitcoin.

Catrya, one of the main characters in Cointelegraphs new documentary and one of the founders of Cuba Bitcoin, explains that there could be around 5,000 Bitcoiners in Cuba, and if you include crypto enthusiasts generally, the number is higher still.

Cubans do not have easy on-ramps into crypto. Firstly, those with internet connections cannot sign up for Binance, Coinbase or Gemini due to their nationality. For Cuban Americans on the island, Cubas government restricts access to American websites. Cubans buy Bitcoin peer-to-peer through Telegram or WhatsApp groups and at in-person meetups.

What amazes me is the tiny amounts of money Cubans put aside to save money or stack sats. Saving 1,000 satoshis (less than $1 a week) is meaningful to a Cuban on $40 monthly. The Cuban peso may not be here in 10 years, but Bitcoin certainly will be. The peer-to-peer process is straightforward, but its not beginner-friendly, and these hurdles can hamper adoption although they do have a silver lining, as Catrya explains:

Since were denied [access to exchanges] by default for being Cuban, we can never do KYC [Know Your Customer], so thats a good thing for us, at least in terms of privacy.

Buying Bitcoin peer-to-peer and storing Bitcoin by taking ownership of the private keys is safer. Customers who trusted custodians such as FTX, BlockFi, Celsius and Vauld with their crypto were wiped out. Cubans dont have that option, and while it takes longer, its more secure.

Erich Garcia Cruz, the founder of QvaPay and BitRemesas a currency remitter using Bitcoin that boasts tens of thousands of Cuban users says that the small but growing number of Bitcoin customers somewhat represents Cubas fledgling internet culture.

Cubans could get online in earnest from 2013. So, while the rest of the world was enjoying the iPhone 5C and 4G, a few lucky Cubans fortunate to access a computer could get online that year, albeit with an awful internet connection.

Now, Cubans can access 3G and sometimes 4G connectivity on their phones. The tech-savvy and younger Cubans use VPNs to circumnavigate online restrictions.

Generally, the lag in internet infrastructure combined with the cost and difficulty of buying a smartphone on a frighteningly low salary means Cuba is way behind in IT.

In 2021, the World Bank reported that three-quarters of Cuba has access to the internet. But while the issue is improving, internet censorship is rife, and Cubans are repeatedly told to trust the government through state-sponsored TV, newspapers and media.

Independent media publications are classified as enemy propaganda, which is something I was made aware of a few times during my investigation. I wont share those stories here, but its safe to say reciting such stories wouldve landed me in trouble had I stayed in Cuba.

Two exiled Cuban journalists have since advised me to avoid returning to the island for some time, especially if the Cointelegraph documentary gets a lot of attention.

A funny caveat to the state-run media is that some Cubans were orange-pilled by Bitcoin proponent Max Keiser. His appearances on the Russia Today news channel were approved for broadcast in Cuba. Some of Catryas peers watched the show where Keiser bashes fiat currencies and promotes Bitcoin.

And yet, Bitcoin is magic internet money; it lives on the web. If Cubans arent online or watching Russia Today how can they know about it?

Bitalion, one of the Cuba Bitcoin founders, works in telecommunications for the government. He explains that as a privileged public sector worker, he benefits from better internet connection speeds and lower online censorship levels.

Bitalion stumbled across the Bitcoin white paper in 2014 and became infatuated with the idea of an independent, borderless currency. He rhetorically poses the question: For those fortunate Cubans who are able to travel abroad, what can they bring to the new country? The peso in their pocket, or Bitcoin in a mobile wallet?

As with the other Bitcoin advocates on the island, Bitalion volunteers his time to educate people and support Bitcoin adoption. Hes also one of the handful of Cubans running a Bitcoin node. At Cubas first-ever Bitcoin-only meetup, he demonstrates to dozens of Cubans how to pay for goods and services directly to his Lightning Network node.

Cruz, Forte and countless business owners explain that Bitcoin is an easy orange pill to swallow, particularly for the digitally capable Cubans. You merely explain to them that nobody controls it; its stateless money.

At face value, Bitcoin is a useful tool for a country that has been financially and economically handicapped for generations. But for Forte, Catrya and Bitalion, the ideology of Bitcoin resonates strongly.

Forte jokes, Satoshi didnt create Bitcoin for Cubans, but it really comes in handy for us.

In the hope of encouraging more Cubans to explore Bitcoin, the trio and the Cuba Bitcoin community host monthly educational meetups in which they explain the principles of Bitcoin and delve into its philosophy.

They recently introduced the popular Mi Primer Bitcoin (My First Bitcoin) program in the country, which is already picking up speed in El Salvador and will soon be instructed in schools nationwide.

QvaPays Cruz explains that Bitcoin is the financial tool that allows the small but growing number of Cuban business owners to access foreign products.

Recent U.S. presidential administrations had fluctuating policies on the Cuban embargo, relaxing and tightening different aspects based on political expediency.

Cruz orange-pills suppliers in an attempt to open up the Cuban economy to international markets where possible:

You are accepting Bitcoin because youre dealing with a private [independent] coin. The government doesnt have access to the transactions you and you have the freedom to do whatever you want.

The term freedom, or libertad, popped up frequently as I mingled and met with Cuban Bitcoiners, crypto enthusiasts and entrepreneurs. The fact that citizens can hold money in a wallet, outside of government overreach, appealed to many Cubans whom the government has consistently let down.

The ability to store wealth on a mobile phone in a Bitcoin Lightning wallet instead of in pesos at a bank is also an efficiency gain. It means no more queues at banks to cash in money that could devalue by a few pesos over a bank holiday weekend.

Cruz and three other business owners also share that accepting Bitcoin benefits holidaymakers. Adan, a nightclub, bar and restaurant owner, explains that tourists bring a lot of cash to Cuba for vacation and thats risky.

Having Bitcoin on a mobile phone in a wallet is a safer way to travel than flashing wads of dollar bills that end up on the black market in Cuba, inadvertently supporting the illicit and sometimes dangerous black market activity of exchanging notes in public.

Adan accepts Bitcoin because of the international branding the Bitcoin logo brings. It opens up his bars doors to another potential market. Similar to El Salvador, where Bitcoin tourism has become a trend, bars and restaurants in Cuba could also attract holidaymakers to spend satoshis instead of pesos at the till.

Finally, there are myriad ways in which adopting Bitcoin can lead to positive and unexpected outcomes. Mister Navis bar and restaurant, run by Mr. Navi and his son Julian, recently began accepting Bitcoin. Following a conversation with Forte, Catrya and Bitalion, the Cuba Bitcoin group now hosts educational Bitcoin meetups at the venue.

I tipped one of the service staff in Bitcoin at Mr. Navis the first day we visited. Five days later, I saw her again when we went out for dinner with Mr. Navi and Julian. She seems different I ask her if she is OK. She confesses that she was mugged a few days ago, and the attacker stole her purse, cash and phone.

To her surprise, when she downloaded the Bitcoin Lightning app where Id tipped her, the funds magically reappeared on her new phone. On seeing her wide-eyed reaction, I tipped her again.

Its clear that, for Cubans, Bitcoin could represent a critical instrument for securing their financial future in the face of runaway inflation and government interference, or as a way of opening up to embargoed markets and the international financial world.

Disclaimer: The views, opinions and perspectives expressed in this article are those of the author and are not necessarily those of Cointelegraph.

Joseph is a research and interview journalist with a keen interest in the monetary policy implications of Bitcoin and cryptocurrencies.

Originally posted here:

The Truth Behind Cuba's Bitcoin Revolution: An on-the-ground report - Cointelegraph

Soda Jerk Hello Dankness (2022)

Mirroring our every trip to the multiplex, Hello Dankness (2022) begins with a commercial. Before any credit or title pageindeed, before any commentary, manipulation, or outside editthe artist duo known as Soda Jerk present the entirety of PepsiCo, Inc.s deeply batshit 2017 commercial wherein Kendall Jenner solves racism and police brutality with a can of soda. The inclusion makes us giggle in self-defense at the vulturous media-scape we live inone capable of producing such infamous relicswhile simultaneously setting precedent for the plastic, mashed-up Frankensteins monster of a film to follow: nothing is off the editing table. The inclusion of the ad catalogs and recommits to cultural memory the footage itself, as the ad was (obviously) hastily pulled by the corporation as the (obvious) criticisms rolled in. It was called a trivialization of radical intentions and just another tone-deaf act by a corporation to cloak profit-mongering in the garb of art-making and activism. Which is to say: it was an advertisement.

The Pepsi adwherein an army of bougie makers and entrepreneurs lead a protest against something, only to end up confronted by a wall of cops whose defenses are charmed and breached as soon as Jenner offers a can of Pepsialso demands the spectator of Hello Dankness to reason whether the movie has begun or not. Where in the cinematic apparatus are we when the pre-spectacle space and the cinematic one mush together so goopily? Its perhaps not off-base to suggest that most viewers of a film made by artists who are, as their press bio notes, interested in the politics of images, might be media-literate (read: online) enough to recognize the advertisement and chuckle in recognition before it reaches its daffy climax. The inclusion is a perfect throat-clearing in the films quest to unpack, atomize, and re-package cultural thrulines and inadvertently chaoticize the preliminary thesis and ensuing existence of Hello Dankness: all moving images freight art and commerce equally, or can. Why construct a collaged mash-up that plunders recent American popular culture to retell American history when the Kendall Jenner Pepsi ad already exists as the perfect intersection of the crisis of image-making in the twenty-first century? What filmic critique exists past the bombed-out dread and looney resignation such a manipulation of image inspires? Because, Hello Dankness suggests that, simply by continuing past its opening ad-quote, we can waste an image just as good as art and commerce can. Hello Dankness, then, is not a question or investigation into whether acts of commerce and art bleed into each other (as always they obviously do), but a sensory experience of what that bleeding feels like in our collective, plastic body.

Recognition itself is under scrutiny in Hello Dankness, nominally a collage that re-edits hundreds of pre-existing films, songs, memes, news feeds, and foley from the recent past. It culminates into a credits sequence that feels more like a chapbooks acknowledgements page than sample clearance. The films movements are recognizable to anybody reared on or responding to a Rickroll, its narrative familiar to any whove walked around and watched America after the 2016 election. In a certain way, Hello Dankness is a history of America. Its first post-Pepsi sequence establishes both its language and story, as footage of Tom Hanks in The Burbs (1989), Annette Bening in American Beauty (1999), Mike Myers and Dana Carvey in Waynes World (1992), Ice Cube in Are We Done Yet? (2007) and a soon-to-be revealed cast of thousands share a neighborhoodand cinematic spacein 2016 America. Eyelines and match-cuts are swapped out and spliced in just as often as manipulated digital images are introduced into pre-existing frames. Hanks in The Burbs can look across his lawn at Benings Carolyn Burnham from American Beauty, their suspicious glances removed from their original contexts and remixed in reaction to a Bernie 2016 lawn sign for Hanks and an Im With Her Hillary placard for Bening. Though such a thing may only be theoretical, Soda Jerk suggests, on a purely visual level, Hello Dankness is a miracle of editing. In both image placement (of course Wayne and Garth move their hockey net out of the street to accommodate Carolyn Burnhams SUV) and image re-reading (of course the Waynes World doofuses would be chirpy alt-right teens, exhibiting trolly behavior by their own tuned-outedness, and of course American Beautys icy and beleaguered real estate girlboss would be the totemic Nasty Woman tote toter), the film feels both recognizable and alien. Its an ache in the mouth, a chewed-up something that impacts every utterance that passes through it. As the ensuing new text, Hello Dankness reads flawlessly despite being an act of flaw: an interrupted image (color correction and careful transcodingadvised by Anthology Film Archives own John Klacsmannacting in concert to nudge disparate images together). Less than a pre- or post-modern great soup of being, Hello Dankness is a digital quotation as ephemeral quotidian, a deadly lark that pranks looking as much as it pranks what gets looked at when were not looking: Because a vision softly creeping / Left its seeds while I was sleeping.

Narratively, Hello Dankness re-contains history in a certain way. In its plundered language, it plays out the ongoing farce of American electoral politics and charts the rise and decline of Bernies and Hillarys and Donalds and Joes amid conspiracy theory backlash, pandemic consciousness, and reactionary meme-making. One of its most compelling visual decodings occurs, again, in its credit sequence: by organizing its list of samples Ordered by president, the film presents the fallacy of assuming that history (of images and bodies) unfolds a certain way. Its a deliberate prank on the American social studies textbook, itself a collation of images curated a certain way to curate a certain narrative and an echo of Godards insistence: in order to see one image, you need two. Is the film ultimately an act of radical politics? Its too dubious of the culpability of the image to insist that it is. The film never gestures in irony. It ends with a breath of levity more sympathetic to the removal and recontextualization of human lives rather than digital images of them.

By forgoing memey irony for looney-tune heartinessas well as in its obvious affection for and attention to The BurbsHello Dankness is a fitting re-visitation of Joe Dantes own mash-up monster, The Movie Orgy (1968). Dante, a genre hound and film history font who made affably anti-capitalist films for several major American studios throughout the eighties and nineties, holds as much affection for the moving image as he does contempt for the market forces that corrode it. The best of his films areto invoke a word often misapplied to any hack with a studio contract and half a consciencesubversive dreamscapes, precisely because they hold postmodern despair accountable to material plasticity. What if we moved this way? What if we existed after a Pepsi commercial?

When one shot moves to another, there is, however momentarily, blackness. Certain decodings of film grammar suggest that this space between edits is where time and space continues to pass. As the camera position changes, moving either towards or away from the subject or finding a new one entirely, the spectator doesnt panic, recognizing the half-history, half-memory project of cinema itself. Theres an internal logic to each filmic universe that subconsciously teaches the spectator what these (very) momentary blackouts are: blinks in a unified vision. We dont panic in the iota interims blackness between shots, we fill in the gaps. Soda Jerk echoes and contains elders like Dante and Godard while simultaneously razing the rank and reductive idolization that stagnates both politics and image-making. In their digital slipstream, they suggest that the blink-void between different images isnt just inherent to a specific cultural object, but culture more broadly. The blink-space between shots in one movie is the same as the darkness between another. By not only allowing but chasing slippage, Hello Dankness insists that every image belongs to every other one and that cinema is the process by which, holding tightly to each other, we find the hollowing-out of commerce and the potentialities of art. And in between we fill in the gaps.

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Soda Jerk's Hello Dankness The Brooklyn Rail - Brooklyn Rail

Once you've invested in Bitcoin, what you do next is up to you. Some wish to hold their BTC short-term, while others are in it for the long run. Regardless of your personal goals, if the time comes when you want to cash out on your Bitcoin, you want a method that's quick and easy.

Here's the fastest way to convert your Bitcoin to dollars using Binance.

To access your BTC funds on Binance, you'll need to log into your account.

If you don't have a Binance account but still want to use this method to cash out on your Bitcoin, the process will take a little longer, as you'll need to create a Binance account and verify your identity. Head to Binance and select Sign Up in the top-right corner of the page to create a new Binance account.

Binance's KYC (Know Your Customer) verification usually takes a few minutes to an hour to process, but it may take longer if there are problems with your identity documents.

You can convert your Bitcoin to dollars on Binance in several ways, but the fastest is to use the exchange's buy-and-sell feature. You can access this page by clicking on the Buy Crypto option on the left-hand side of the top menu bar.

Here, you can switch between the buying and selling features with just a click. You'll initially be taken to the buying section, but clicking the Sell option right next door switches to the selling option.

Now, it's time to select how much Bitcoin you want to sell for cash. Make sure your Bitcoin is currently in your Binance account's Funding Wallet, or you won't be able to conduct the transaction.

Enter the amount of Bitcoin you want to sell, and you'll immediately be able to see how much USD you'll get in return. This amount will change frequently, as the price of Bitcoin is always fluctuating.

If you're happy with the sale amount, go ahead and click Continue. You can then select a trading option. In this case, we went for peer-to-peer (P2P) trading.

You can also buy Bitcoin on Binance using the P2P feature.

Now, you'll be taken to the peer-to-peer sell page, where you can view a list of users looking to buy Bitcoin.

Here, you can see the ratings for each buyer, as well as how many orders they've facilitated. You can also view the forms of payment they support, such as UniCredit, Skrill, Perfect Money, and regular bank transfers.

Depending on the payment method you use, you may have to create an account with the receiving payment option. Upon sale, you'll have to provide information on your receiving payment account so that the buyer can send the funds to the right place.

If you are selling Bitcoin using a peer-to-peer platform, make sure you have received the payment for your crypto before approving any transfer. This will prevent a malicious user from taking your crypto and hitting the road without paying you. You should also check that a buyer isn't poorly rated before going through with a sale.

Prospective buyers often provide some information on how they conduct sales in the Advertiser's Terms section. You'll see this when you select a buyer.

Check these terms before going through with the sale, as you may find something you don't like.

Now that you've chosen a peer-to-peer buyer, select a payment method and provide details about your receiving account. For instance, if you're using Perfect Money, you'll need to provide your PM account number. If you want to get paid via a direct bank transfer, you'll need to provide your bank name and account number.

Once you're happy with the payment method and feel you have selected the right buyer, you can go ahead and confirm the sale. The amount of time it takes for your funds to arrive will vary based on the seller you've chosen.

After confirming the sale, your Bitcoin will be placed in escrow until you've confirmed payment from the buyer. Once you've received the buyer's payment, you can confirm it on your Binance account, and the escrowed Bitcoin will be sent to them.

If you're looking to sell your BTC for cash, you can do so in minutes using Binance. Whether you just want to sell off a few dollars worth of Bitcoin or want to make a hefty sale, Binance can accommodate you.

Excerpt from:

The Fastest Way to Convert Bitcoin to Dollars Using Binance (Step ... - MUO - MakeUseOf

During Bitcoin mining, the reduction in mining rewards is hard-coded into the Bitcoin protocol and serves two main purposes: to control the supply of new Bitcoins entering circulation and to combat inflation.

Bitcoin halving is considered one of the most significant events in cryptocurrency evolution. It involves reducing the rewards awarded to miners who play a vital role in securing the network.

As we approach the upcoming Bitcoin halving, expected in April or May 2024, it is essential to comprehend the event's profound implications. This article seeks to answer the fundamental question: What is Bitcoin halving, and how it works?

Understanding Bitcoin's underlying technology is crucial before diving into its mechanics. Bitcoin's blockchain is a complex network of computers called nodes. These nodes collectively run Bitcoin's software and maintain a comprehensive ledger of all historical transactions within the network.

Transactions within the Bitcoin network undergo a rigorous validation process. Instead of being verified individually, transactions are grouped into blocks. Only when an entire block is validated are the transactions within it considered confirmed. As these transactions are validated, they become permanent additions to the blockchain, distributed among all nodes.

However, more participating computers or nodes are added to enhance the blockchain's stability and security. While anyone with sufficient storage can become a node by downloading the entire blockchain history, not all nodes are miners.

Now lets understand about Bitcoin halving and how it works.

The Bitcoin halving is a pivotal event in the ever-changing world of cryptocurrencies, occurring approximately every four years. This event, encoded into Bitcoin's very DNA, involves the halving of rewards for Bitcoin mining.

The fundamental purpose of Bitcoin halving is to combat inflation by preserving the cryptocurrency's inherent scarcity. In theory, the reduction in the rate of Bitcoin issuance is expected to lead to price appreciation, provided that demand remains constant.

At present, Bitcoin maintains an inflation rate of less than 2%, a figure that is set to further decrease with future halvings. Comparatively, in the US, the inflation rate for 2022 was 8%.

But how does this mechanism operate, and why does Bitcoin halving matter?

It is essential to understand Bitcoin mining in order to understand Bitcoin halving. Miners are pivotal participants who compete to add new blocks to the Bitcoin blockchain.

In order to achieve this, specialized hardware solves intricate mathematical problems, generating a unique 64-character output called a "hash." Once the block is sealed, it becomes immutable and cannot be altered. As a reward for their efforts, miners are compensated with Bitcoin.

So, how exactly does the Bitcoin halving cycle function? The reward for successfully mining a block was 50 BTC at the time of Bitcoin's inception. Incentives like these were instrumental in motivating early users to join the network, even before its widespread success.

However, Bitcoin's design incorporated a deliberate reduction in the rate of new Bitcoin creation, precisely halving it for every 210,000 blocks mined. This equates to approximately every four years.

According to historical Bitcoin halving dates, the last three halvings occurred in 2012, 2016, and 2020. The inaugural Bitcoin halving occurred in 2012, marking the reduction of mining block rewards from 50 to 25 BTC. Subsequent to this, the 2016 halving event further reduced incentives to 12.5 BTC for each block mined. As of May 11, 2020, every newly mined block generates a mere 6.25 new BTC.

Anticipated in April 2024, the next Bitcoin halving will persist until roughly 2140, coinciding with the point at which all Bitcoin will have been mined.

But why does Bitcoin halving hold such pivotal significance? There are two primary reasons:

1. Scarcity and Controlled Supply: Bitcoin's creator, Satoshi Nakamoto, envisioned a digital currency with constrained and managed supply. Halving the mining rewards by half effectively diminishes the rate at which new Bitcoin is brought into existence. With escalating scarcity over time, Bitcoin becomes a deflationary asset in the long run.

2. Inflation Control: Bitcoin halving plays an instrumental role in curbing excessive inflation within the Bitcoin ecosystem. By reducing the block reward, the process restricts the rate at which new Bitcoin enters the market. Controlled issuance maintains the long-term value and stability of the coin.

Are you wondering why this Bitcoin halving represents a bullish trend in the crypto world? Let's find out.

Market participants have consistently responded to halving events with fervent buying. The decrease in the inflation rate intensifies the pressure of demand, propelling Bitcoin's price upward.

Interestingly, this phenomenon extends beyond Bitcoin, as other cryptocurrencies have experienced substantial gains during these periods, underlining the broader market's recognition of the bullish potential unlocked by Bitcoin halving.

Now, let's delve into the historical perspective by examining the price movements during each Bitcoin halving cycle:

First Halving Cycle (November 2012 - July 2016):

Second Halving Cycle (July 2016 - May 2020):

Third Halving Cycle (May 2020 - April 2024):

As we can see, halving events have historically correlated with Bitcoin's price surges. The anticipation of reduced supply and increased demand often generates positive market sentiment and potential price appreciation.

It is imperative, though, to bear in mind that past performance does not guarantee future results, and various factors beyond halving events contribute to Bitcoin's price dynamics.

As the pioneer and largest cryptocurrency, Bitcoin's price predictions garner substantial attention from experts and enthusiasts alike as the halving approaches. Lets delve into some of the diverse perspectives offered by prominent figures in the crypto space.

BitQuant, a renowned social media commentator, has set an ambitious target for Bitcoin's price. According to this prediction, Bitcoin is expected to reach $250,000 after its next block subsidy halving.

No, #Bitcoin is not going to top before the halving. Yes, it's going to reach a new all-time high before the halving. No, #BTC is not going to $160K because the magnitude of every pullback is large. This means it will peak after the halving, in 2024. And yes, the target price is pic.twitter.com/TRcEB4DFpF

Bitcoin investor and author Jesse Myers offers a more conservative outlook. Myers posits that Bitcoin will only breach the six-figure mark after its 2024 block subsidy halving. As a result, he believes that significant price movements might occur after this key milestone, as the market needs to fully "price in" the effects of the halving.

#Bitcoin won't surge to $100k before the next halving...

Because the Efficient Market Hypothesis (EMH) is wrong.

Instead, the market will price-in the changed reality over the 12-18 months post-halving.

Marshall Beard, the chief strategy officer at crypto exchange Gemini, shared his optimism about Bitcoin's price trajectory. He believes that Bitcoin has the potential to surpass its all-time highs in the current year. In particular, he mentions the $100,000 figure, suggesting Bitcoin could achieve this milestone if it reaches its previous record high of nearly $69,000.

Paolo Ardoino, the chief technology officer at Tether, echoes this positive sentiment. He suggests that Bitcoin could "retest" its all-time high of around $69,000, signaling potential for price appreciation.

Standard Chartered, a prominent British multinational bank, has recently revised its prediction for Bitcoin's price. In one of its research reports, the bank anticipates Bitcoin's price to range between $100,000 to $120,000 by the end of 2024.

This upward revision is attributed to the bank's belief in increased profitability for Bitcoin miners. Additionally, the bank forecasts Bitcoin to reach $50,000 by the end of the current year.

Samson Mow, a Chinese-Canadian Bitcoin entrepreneur and CEO of crypto firm JAN3, envisions an even more remarkable future for Bitcoin. He firmly believes that Bitcoin will surge to an astonishing $1 million within the next five years.

On the other hand, Balaji Srinivasan, an investor and former technology chief at Coinbase, has taken a daring bet on Bitcoin's price. He also speculates that Bitcoin could reach $1 million or more in the coming days.

The phenomenon of Bitcoin halving is far from a mere technical adjustment; it carries significant economic implications for Bitcoin miners and the broader cryptocurrency market. As the block reward is halved, miners are compelled to reconfigure their operations to maintain profitability. This intensified competition, however, leads less efficient miners to exit the scene, which can have far-reaching effects on security.

Crypto experts acknowledge the current economic landscape characterized by rising hikes and tighter monetary policies, factors that might not facilitate an immediate, sharp rebound for Bitcoin.

While some foresee Bitcoin reaching unprecedented heights, others adopt a more cautious approach. This diversity of perspectives adds to the intrigue surrounding Bitcoin's price trajectory, making investors and enthusiasts eager to see what comes next.

More here:

What is the Bitcoin Halving and Why Does it Matter? - BSC NEWS

Bitcoin's price has seen a notable increase in the past week. The rise has been driven in some part by a dynamic between short and long-term bitcoin holders, according to an analyst.

Bitcoin (BTC-USD) has risen by 4.5% in the past week, now changing hands at $27,602, (22,771) according to CoinGecko data.

This is a retrace from a height of $28,500, that was reached on Monday. The early October high marked a significant price point that has not been reached since August 17, 2023.

Read more: Crypto live prices

"Bitcoin now finds itself in a technical range, confined between the resistance level of $28,500 and the support level of $27,100," CryptoQuant analyst Adam Mourad told Yahoo Finance UK.

The analyst explained the underlying factors that could be at play. Mourad described a market dynamic that has developed between short and long-term bitcoin holders. He referred to on-chain metrics that demonstrated long-term holders acquiring the digital assets that are being sold by short-term holders.

"The supply held by short-term holders has dipped to its lowest point in nearly eight years, a level not seen since November 2015, with a value of 3.8 million bitcoins," the analyst said.

Conversely, the CryptoQuant analyst referred to on-chain data that showed the supply of bitcoin held by long-term holders has reached an all-time high, standing at 15.6 million bitcoins.

He added that long-term holders have a deeper belief in the asset and will hold and accumulate the asset. A dynamic that favours price appreciation.

Long-term holders of bitcoin wait in hopeful anticipation that an approval of a spot bitcoin ETF by US regulators is forthcoming. A spot bitcoin ETF is a financial product that investors hope will open the gateway for mainstream capital to flood the crypto market.

At a conference in London this week, former BlackRock (BLK) managing director Steven Schoenfield said he believed the SEC could approve a spot bitcoin ETF within 3-6 months based on mounting regulatory pressure. This relatively short timeframe marks a shift in Schoenfields outlook. He had previously projected a longer nine to twelve months window.

Read more: Institutional investment brings new momentum to crypto

During a panel discussion on ETFs at CCDatas Digital Asset Summit in London, Schoenfield explained his updated forecast is based on a view that there has been a significant improvement in the dialogue between the Securities and Exchange Commission (SEC) and financial industry figures. The SEC is the US financial regulator that will make the decision whether to approve the multiple spot bitcoin ETF filings that have been filed.

Watch: Crypto bosses pouring millions into anti-aging tech to live longer | The Crypto Mile

Download the Yahoo Finance app, available for Apple and Android.

See original here:

Bitcoin price rally driven by key market dynamic, analyst - Yahoo! Voices