RATE Group | CNBC Host Makes Persuasive Case for 500% Bitcoin Price Surge
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CNBC Host Makes Persuasive Case for 500% Bitcoin Price Surge

29 Jul CNBC Host Makes Persuasive Case for 500% Bitcoin Price Surge

Posted at 19:33h in Bitcoin News by

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In a clear sign of improving comprehension about the fundamentals driving the bitcoin price, newly minted “friend of crypto” Joe Kernen just made a convincing case on national television that the cryptocurrency could surge nearly 500 percent by next May.

Citing the upcoming halving in 2020, the CNBC Squawk Box host noted the possibility of BTC/USD hitting $55,000 in just 10 months.

Bitcoin Halving in 2020 Could Be Massive

The argument that Kernen was referencing is based around the supply/demand dynamic in bitcoin’s protocol.

By cutting the number of BTC awarded per block in half every four years, the amount of new BTC entering circulation is sharply reduced. In this case, 2020 will see the inflation rate drop from 12.5 BTC per block to just 6.25 BTC.

This naturally makes it more…

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