Following Bitcoin’s fourth halving event, comparisons between Bitcoin and gold regarding scarcity have come into focus, as noted by analysts at Glassnode.
Glassnode reported a significant milestone, with Bitcoin’s issuance rate falling below that of gold for the first time in history. This development underscores a significant shift in the narrative surrounding the two assets.
The halving event, which occurred on Saturday, led to a reduction in block subsidies, resulting in the issuance dropping from 6.25 BTC to 3.125 BTC per block. This translates to approximately 450 bitcoin per day, highlighting the event’s impact on Bitcoin’s supply dynamics.
Yassine Elmandjra of ARK Investment Management echoed similar sentiments, observing that Bitcoin’s issuance rate post-halving is now lower than gold’s long-term supply growth.
Elmandjra’s analysis, shared in the ARK Disrupt newsletter, emphasized the substantial decrease in Bitcoin’s supply growth following the halving event, further reinforcing its comparison with gold. Glassnode analysts also supported Elmandjra’s observation regarding the reduction in Bitcoin’s supply growth.
They suggested that while halving events continue to influence Bitcoin’s available traded supply, the impact may diminish across cycles due to the asset’s expanding size and ecosystem.
Insights such as these offer valuable perspectives on the evolving dynamics between Bitcoin and gold, highlighting Bitcoin’s increasing scarcity relative to the traditional precious metal.
At the time of writing, Bitcoin’s price has experienced a 2.5% decline, dipping below $65,000.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD