There are signs of a clear cluster of intrigue around the Bitcoin halving, just one week before the seminal event takes place.
The Bitcoin (BTC) block subsidy halving is all anyone can talk about this week — but according to Google, the Middle East is actively keeping up with the news about Bitcoin Halving.
Data from Google Trends shows that when it comes to searching “bitcoin halving,” these 3 countries in the Middle East are leading the way:
Already known as a Bitcoin adopting nation, Bahrain is currently the 3rd most active country to research Bitcoin Halving News.
Since the recent Crude Oil crisis, Kuwait, where 90% of export is in oil, now have seen a big increase in the Bitcoin related searches.
"How to invest in Bitcoin" "Best Cryptos to Invest" and "Bitcoin Halving Countdown" are the top 3 searches in Kuwait in the last 7 days.
1. United Arab Emirates
Perhaps a likely leader, United Arab Emirates, now Googles the halving more than any other country in the Middle East.
The UAE are well known for their permissive regulatory stance on Bitcoin, having produced mainstream finance products focused on the cryptocurrency for several years.
What you should know about "Bitcoin Halving"?
The halving processes are used as a tool to combat inflation within the Bitcoin ecosystem; comparable to how Bitcoin was created in response to the global recession of 2008. Current speculation is that Bitcoin’s upcoming halving event could herald an historic bull run. This also indicates that we may see an increased number of investors trading bitcoin.
Will bitcoin’s halving cause the price to skyrocket?
Many analysts are predicting that the number of active users of Bitcoin will soar, both in the run up to the halving in May, and following the event. This could also have an effect on other cryptocurrencies and crypto prices. You can check out what will happen by following crypto on Plus500.
What has Bitcoin’s performance been like before and after previous halvings?
Previous Bitcoin halvings have seen the price of trading Bitcoin significantly increase. A year after the first halving in 2012, Bitcoin price hit $1,000 (in November 2013), and a year after the second halving in 2016, its price peaked at $20,089. Analysts say the coin could even reach a $1 trillion market cap following the event.
There have also been reports of a rise in institutional interest in Bitcoin market. These state that Bitcoin investments by banks and other institutions grew over the course of 2019. Grayscale reported a dramatic increase in “inflows, which tripled Q-on-Q, from $84.8 to $254.9 million, and that a majority of investment (84%) came from institutional investors, dominated by hedge funds”. This indicates that Bitcoin could be a good way to hedge against economic and political risk.
It seems that institutional interest is on the rise leading up to the next halving, and this seems to be far from a coincidence. With a post-Coronavirus recession imminent, institutional investors could well begin to see Bitcoin as a way to hedge against a global financial crisis.
When is the next Bitcoin halving?
The halving timeline has a halving event occurring approximately every 4 years. After the May 2020 Bitcoin halving event, the next predicted Bitcoin halving is due to take place in May 2024.
About Plus500 Trading Platform:
The Plus500 trading platform is a UK based broker with offices located in the City of London and is authorised and regulated by the Financial Conduct Authority (FCA).
The company is one of the leading providers of Contracts for Difference (CFDs), delivering trading facilities on shares, forex, commodities, ETFs, options and indices, alongside a range of trading technology. Currently the company offers a portfolio of over 2000 instruments as well as offering a range of features and trading tools to help traders better manage their trading accounts including Stop Limits, Stop Loss and Guaranteed Stops, as well as email and push notifications on market events and alerts on price movements and changes.
For traders interested in cryptocurrencies like Bitcoin, Plus500 is one of the few brokers that also offer cryptocurrency CFDs.
When traders open an account, Plus500 hold their funds on a segregated basis, in accordance with the Financial Conduct Authority's client money rules.
80.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.