These statements, believed to have been made by Nakamoto before exiting the social media scene, have sparked renewed interest and reflection on the significance of the halving event.
Nakamoto bowed out of the cryptocurrency scene three years after publishing Bitcoin’s white paper and mining the genesis block. On April 23, 2011, he emailed another Bitcoin developer, informing him that he had “moved on to other things.”
As the Bitcoin community counts down the final hours to the much-anticipated halving event, a sense of reflection permeates the air. Oklink says the current countdown to the Bitcoin halving event is one day, 11 hours.
Galaxy’s tweet and report on the Bitcoin halving event echo Satoshi’s words: “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” – Satoshi Nakamoto, Feb. 11, 2009.
In its report, Galaxy stated that Satoshi programmed the halving function on Bitcoin as a countermeasure to the ongoing debasement of fiat currencies, which prompted the reflection on this particular Satoshi Nakamoto comment.
On April 20, 2024, Bitcoin is expected to perform its fourth halving at block 840,000. Following this, the Bitcoin block reward will decrease from 6.25 to 3.125 BTC. As a result, Bitcoin’s annualized issuance rate will fall from 1.7% to about 0.85%. A total of 93.7% of the total Bitcoin supply will be in circulation at the time of the event.
These facts demonstrate that Bitcoin’s monetary policy is fixed, and each halving confirms its lifespan once more. Halvings will continue, but stakeholders might not be bailed out by the financial system. The impending halving, scheduled for April 20, 2024, underlines these fundamentals and serves as a reminder to the market of Bitcoin’s unique features.
“If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry,” Galaxy Research echoed one of Satoshi Nakamoto’s statements that dates back to July 29, 2010.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
