Schiff Mocks "Hodlers" as Rewards Drop
Renowned crypto skeptic Peter Schiff took to Twitter to mock "Bitcoiners" after the recent halving event, suggesting that the "hodlers" will soon experience a halving of their net worth.
Schiff sarcastically congratulated Bitcoin holders and asked if they were "throwing parties" to celebrate the halving event.
"Congratulations Bitcoiners on the Halving. Are you guys commemorating this occasion by throwing parties tonight? I haven’t been invited to any."
Bitcoin halving has taken place, with the 840,000th block having been mined. The mining reward has now been reduced to 3.125 BTC per block, compared to 6.25 BTC previously.
Bitcoin halving takes place every 210,000 blocks, and there are 21 million blocks in total. It is expected that this limit will be reached in 2040.
While the halving event has reduced rewards for miners, Schiff mocked those holding the King Crypto.
"I think halving is an appropriate name for what’s happening as soon Bitcoin HODLers will experience a halving of their net worths."
Scarcity and Inflation Management
The post comes after the completion of the fourth Bitcoin halving event, which occurred after the 840,000th block was mined. This event, which happens approximately every four years, is designed to manage scarcity and regulate the inflationary supply of Bitcoin.
This process effectively slows down the rate at which new Bitcoin is created. The last three halvings occurred in 2012, 2016, and 2020, leading to significant drops in mining rewards over time.
Some analysts have warned of potential price volatility following the halving. Pseudonymous cryptocurrency analyst Rekt Capital, for example, cautioned that the imminent Bitcoin halving may lead to price volatility.
## Bitcoin Price Movement
At the time of writing, Bitcoin was hovering at $63,600, down 0.1% in the last hour, and up 2.4% in the last 24 hours.