Cash app will buy 16% of the new Bitcoin (BTC) supply after halving

Cash app will buy 16% of the new Bitcoin (BTC) supply after halving

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The Cash mobile app from Square will purchase 16% of Bitcoin’s new supply ( BTC ). This happens as soon as the Bitcoin price remains the same and does not increase after the halving. This tweeted the Twitter account Bitcoin Rhythm on November 7.

According to his tweet, the Bitcoin purchase percentage of the company will be 16% of the total new Bitcoin per quarter, after the halving. The amount of Bitcoin that is then created with each new block will be divided in two.

Current purchase percentage

Bitcoin Rhythm also says that the Cash App purchase percentage is currently 8% Bitcoin per quarter of the new supply. The production is halved after what he calls ‘the halving’. Yet he admits:

The halvening is NOT priced in.

By this, he means that his prediction does not include the positive effect of a lower Bitcoin supply. And the price must, therefore, remain the same. In addition, he also assumes that Cash App will continue to buy the same amount of BTC in USD until after the halving.

About Viktor Sokolov 163 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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