Over the weekend, bitcoin (BTC-USD) went through its halving event, which is where the reward for mining bitcoin is reduced by half once every four years. With the event came rising optimism in the cryptocurrency space from mining operators, but did it bring new opportunities for those looking to invest in the digital asset?
401 Financial Principal & Founder Tyrone Ross joins Wealth! to give insight into the crypto industry and what investors should consider before buying into bitcoin.
Ross offers this advice:
“The halving shouldn’t change anything there. It’s literally written in the code… it’s just going to continue. It’s not this special thing or magical event that makes bitcoin any more or less compelling to invest. If you loved it two or three years ago, you should think about loving it now and continuing to learn. With that said, folks that are thinking about getting in, the halving is something that you should learn about and realize… the decrease in supply.. .But some of the other dynamics that are out there with the bitcoin ETFs, the price of running up into an all-time high before this halving, which is the first time this happened. Things like that I think are interesting to learn. And if it would still make sense for you from a long-term time horizon it would make sense to buy then, but not a second before.”
Want to learn more about the bitcoin halving? Watch this video from Yahoo financial for a quick explainer: Bitcoin halving: Explained
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