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Satoshi Nakamoto's final words resonate as Bitcoin's halving is set for the next 36 hours

Tomiwabold Olajide

On April 20, 2024, Bitcoin will experience its fourth halving on block number 840,000

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As the cryptocurrency community eagerly awaits Bitcoin's upcoming halving, the words of Bitcoin's pseudonymous creator Satoshi Nakamoto have emerged, adding intrigue and speculation to the countdown.

These statements, believed to have been made by Nakamoto before he retired from the social media scene, have sparked new interest and thought about the significance of the halving event.

Nakamoto retired from the cryptocurrency scene three years after releasing the Bitcoin white paper and mining the Genesis block. On April 23, 2011, he sent an email to another Bitcoin developer telling him that he had “moved on to other things.”

As the Bitcoin community counts down the final hours to the highly anticipated halving, a sense of reflection is in the air. According to Oklink, the current countdown to the Bitcoin halving is one day and 11 hours.

Galaxy’s tweet and report on the Bitcoin halving echo Satoshi’s words: “The fundamental problem with conventional currency is the trust required to make it work. The central bank must be trusted not to devalue the currency, but the history of fiat currencies is full of violations of that trust. – Satoshi Nakamoto, February 11, 2009.

In its report, Galaxy explained that Satoshi programmed Bitcoin's halving feature as a countermeasure to the ongoing devaluation of fiat currencies, which gave rise to reflection on this particular comment from Satoshi Nakamoto.

On April 20, 2024, Bitcoin is expected to perform its fourth halving at block 840,000. Subsequently, the Bitcoin block reward drops from 6.25 to 3.125 BTC. As a result, Bitcoin’s annual issuance rate will drop from 1.7% to around 0.85%. In total, 93.7% of the total Bitcoin supply will be in circulation at the time of the event.

These facts show that Bitcoin's monetary policy is set and each halving reaffirms its lifespan. Halvings will continue, but stakeholders may not be bailed out by the financial system. The upcoming halving, scheduled for April 20, 2024, underscores these fundamentals and reminds the market of Bitcoin's unique properties.

“If you don’t believe me or don’t understand, unfortunately I don’t have time to convince you,” Galaxy Research echoed a statement by Satoshi Nakamoto on July 29, 2010.

About the author

Tomiwabold Olajide

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducts comprehensive price analysis, and shares predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.

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