The managing director of the VaNeck digital assets initiatives, Garbor Gurbacs, who is an avid lover of Bitcoin, has lashed the much anticipated Bitcoin halving which continues to raise eye brow in the cryptocurrency space.
According to Gurbacs, the Bitcoin halving lacks any form of excitement, thus a boring venture. He qualifies the halving as an event which has nothing significant to predict because all that should be predicted is predictable.
“Predictable production supply cut. Nothing new. Nothing different. And that’s the point!” Gurbacs said.
The #Bitcoin halving is boring. Predictable production supply cut. Nothing new. Nothing different. And that’s the point!
— Gabor Gurbacs (@gaborgurbacs) May 11, 2020
Late last year, Gurbacs opined that President Xi’s support for blockchain, among two other factors, were responsible for the sudden upsurge in Bitcoin price, this he said when BTC surged by about $2,000, moving from $8000 to $10,300.
The price of Bitcoin has however been oscilating in recent times capitalizing at $9,104 at press time.
Although the entire cryptocurrency community is of high expectation, that the Bitcoin halving which is just a few hour away would bring about another upsurge in the market, the CEO of the New York based investment management firm thinks there is nothing special about the event.
Bitcoin Halving: Quantitative Hardening Measures to Be Implemented
In another statement today, Gabor Gurbacs noted that the CEO of Bitcoin has announced the initiation of a development for Bitcoin.
Gurbacs said the Bitcoin CEO claimed that a “quantitative hardening measures to be implemented effective today.”
However, the “quantitative hardening” is just another name for Bitcoin halving. It is the opposite of “quantitative easing.”