by Michael Krieger
With the Bitcoin halving event just hours away, I want to once again turn your attention to the thoughts of Vinny Lingham.
Here’s his latest post on the topic, The Lake Wobegon Effect:
Here we are on the eve of only the second “Bitcoin Halving” and there is an immense amount of speculation around what will happen. When I wrote my Bitcoin 2016 post in early May, the price was $450 and I speculated that after the halving, it would hit $1,000 by the end of the year. I clearly wasn’t the only one who believed that the halving would have an impact and the price ran up to around $770 last month, but then came crashing down to mid $500’s and is now in a broad consolidation range. Given the liquidity that sits outside the traditional exchanges and lives within the Bitcoin OTC market, the price will continue to be volatile until more coins are traded via a transparent marketplace?—?which may take months or years. We can’t plan around that.