"The next BTC block reward halving will end the bear market," says trader

04 Feb, 2019 | Updated: 04 Feb, 2019
by Will Heasman
Opinion
The next BTC block reward halving will end the bear market, says trader

According to an anonymous trader who gained crypto stardom for turning a profit of 200 million trading Ethereum (ETH), the next bitcoin block reward halving will bring an end to the bear market...

Choosing to remain anonymous the trader – who goes humbly by the alias: 200M_trader – spoke in an interview with CCN of the bear market, its not-so-imminent end and just how he made his fortune.

According to the mystery man, he got into crypto back in 2011, primarily choosing to mine Bitcoin, due to the lack of fiat on-ramps at the time:

“At that time it was very difficult to buy Bitcoin with fiat money. I had to buy a lot of graphics cards and to mine it. Some amount I purchased privately through ads on Bitcointalk.”

200m_trader (as his close friends refer to him), made his fortune with a (modest) $55 million initial investment trading ETH and turning it into around $280 million in the space of a month.

The savvy trader admits that while he’s still holding, he took BTC and ETH profits around $10K and 4.5-1.2k respectively during the 2017 end of year bull run.

The bear market doesn’t worry the $200 million profit maker, as he’s seen this kind of downfall before

“The market has cycles, and it’s important to remember this during both the rapid growth and the strong downfall. It’s also just a matter of time when the big players will enter this market well and truly. We have this time for now and we need to act.”

The end is nigh...

With some bullish gusto, the trader says that he believes the crypto winter will come to an end as soon as the next bitcoin block reward halving, which he says will serve as a “trigger for growth”:

“the closer this moment is, the closer is the end of the winter. I would advise you to count down the remaining days before halving, rather than count the number of days the bear market lasts.”

The upcoming BTC block reward halving is scheduled to take place in May 2020.

It appears the trader isn’t alone, others have commentated on social media about the upcoming halving and its potential to cause a pump:

The block halving occurs ever 210,00 blocks and every four years, the last took place in 2016.

As BTC has a ceiling supply of 21 million, the reward halving acts as a quasi-monetary policy in place to avoid hyperinflation, limiting in the circulating supply.

Historically block reward halving’s have correlated with a bull market, so it’s no surprise that crypto aficionados are eagerly awaiting May 2020…

So that’s just 1 year, 3 months, 3 days, 11 hours, 9 minutes, and 6 seconds (at the time of writing) until the end of the bear market … But who’s counting, ay?

Read more: Its probably already time to start preparing for 2020's halvingF2Pool CEO: Bitcoin halving in 2020 will not impact price that much

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