Bitcoin Market Update - May 18, 2020

Hey! Last week, bitcoin’s rewards dropped to 6.25 BTC per block. Congratulations! Did you join any viewing parties?

Unfortunately, I missed them all. By day I work for the U.S. government agency that funds all our coronavirus research, and as part of my job I manage my division’s response to formal inquiries, e.g., from U.S. Congress, other agencies, data calls, and anything else that demands a unified response from the executives at my level of the bureaucracy. That morning, we had an urgent request come from the Vice President of the United States. Oh well.

As you know, halving doesn’t play any role in my plan or my expectations. Yes, the inflation rate drops and the miners’ rewards get cut in half, but you still have 18 million bitcoins and a bunch of altcoins that people can sell at a moment’s notice. The HODLing matters more than the halving.

Premium subscribers, look for an update on the altcoin market soon. If you’re new, tap the button below to see the plan for bitcoin’s bull market. I changed the link to the related chart, update your bookmarks if you set them.

Here’s a short video update for everybody. It revisits my thoughts about the halving and its impact on bitcoin, problems bitcoin faces as it adjusts to the new reward system, why people matter more than price, and generally where bitcoin’s heading next:

Relax and enjoy the ride!