The highly anticipated Bitcoin halving has arrived, and the Bitcoin faithful cheered the event, with many declaring a new era in Bitcoin—particularly as the new Runes protocol came online as well.
Anticipation around the halving has steadily grown since the start of the new year. In January, after the SEC approved the first set of Bitcoin ETFs, fuel was added to the fire, and investors began speculating what the fourth halving would mean for the price of the number one cryptocurrency.
Heading into the halving, sentiment around Bitcoin was high, with a 47% positive rating, according to analytics site LunarCrush. The heartbeat of the crypto community was reliably tracked on Twitter. Cryptocurrency exchange Coinbase set the stage with a tip of the hat to Bitcoin’s digital working class.
“The fourth Bitcoin halving is almost here,” the firm wrote Twitter. “And a proper thank you is in order to the ones impacted the most. So, to the miners, thank you for moving money forward.”
When Bitcoin block 840,000 finally came into existence, Crypto Twitter celebrated.
Michael Saylor, founder of the single largest institutional holder of BTC, declared “840,000 Blocks of Truth.”
“This is my 4th halving!” General Partner at Asymmetric Dan Held said on Twitter. “2012: I wasn’t even aware of it. 2016: Bitgo party with just 20 people; 2020: COVID lockdowns; 2024: Friends and family know about it, mainstream press talking about it, parties all over the world. Incredible to see Bitcoin going mainstream.”
The occasion brought many crypto enthusiasts together in person, and sparked optimism for the future.
“NEVER IN HUMAN HISTORY has a good that people use as money been this scarce,” Custodia Bank founder and CEO Caitlin Long said. “Happy Bitcoin halving, peeps!”
“Happy halving!!!” Swan Bitcoin CEO Cory Klippsten said. “Zero blocks to go, welcome to Epoch 5!”
“We are so fucking early,” financial writer Zack Voell said.
“Happy Bitcoin halving,” the Ord.io account posted. “The era of Runes has begun!”
For some, the halving was just a brief break in an unending cycle of work.
Not everyone was in a jubilant mood. Bitcoin detractors also took a moment to throw some cold water on the celebration.
“Congratulation Bitcoiners on the Halving,” long-time Bitcoin detractor Peter Schiff tweeted. “Are you guys commemorating this occasion by throwing parties tonight? I haven’t been invited to any. I’m thinking halving is an appropriate name for what’s happening as soon #Bitcoin #HODLers will experience a halving of their net worths.”
Now that the halving has arrived, speculators can now see if their predictions were right. A common expectation around the halving was that it would cause the price of Bitcoin to skyrocket—eventually. In February, SkyBridge Capital founder Anthony Scaramucci suggested that after the halving Bitcoin could top $200,000.
It’s a little early to validate any bets, however. In the first hour after the halving, price of Bitcoin held essentially steady.
Edited by Ryan Ozawa.
