Tether CEO orBitfinex’s Chief Technology Officer Paolo Ardoino highlighted the unpredictable impact of the upcoming Bitcoin halving on its market value, especially as demand surges due to spot bitcoin exchange-traded funds (ETFs). Ardoino pointed out that the current demand for Bitcoin significantly outpaces the available supply from mining, indicating a robust market interest that far exceeds the rate at which new bitcoins are mined. This scenario suggests a positive outlook for Bitcoin’s value, even as the halving event will slash mining rewards from 6.25 to 3.125 bitcoins per block.

Despite Bitfinex’s shift from its once-dominant position in the centralized cryptocurrency exchange arena, the use of Tether (USDT), the most popular stablecoin in Bitcoin transactions, continues to grow, boasting a market capitalization of $103 billion. The anticipation builds as Bitcoin mining revenue reached a record high last weekend, with the cryptocurrency’s price peaking at $71,000 before settling near $68,000. This upcoming halving event in April is viewed by many as a pivotal moment that could further fuel Bitcoin’s upward trajectory, underscoring the sustained interest and optimism in the cryptocurrency’s future.

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