When you hear the term bitcoin “halving”, you need to immediately think total bitcoin circulation. Remember, Bitcoin was created as a “deflationary asset”, which by having a set number supply, keeps consumer demand high and the value as high as possible. More Must-Reads From TIME Looking ahead, global political and regulatory developments could greatly impact continued adoption and demand for this asset. For example: a potential spot Bitcoin ETF in the US could further remove friction for individuals and institutions looking to allocate to Bitcoin, and the recent presidential election in Argentina could signify a shift in how developing economies consider Bitcoin and other crypto assets. As of November 2023, there are approximately less than six months until the 2024 Bitcoin halving.
After early "proof-of-concept" transactions, the first major users of bitcoin were black markets, such as the dark web Silk Road. During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting ₿9.9 million, worth about $214 million.: 222 Bitcoin so far: Highlights of Bitcoin 2022 event Since Nakamoto’s first Bitcoin block, thousands of developers have introduced improvements to Bitcoin’s code. And over the past decade, Bitcoin has risen in popularity as a digital asset class, with more people, companies, and even countries accepting its usage or maintaining Bitcoin funds in their balance sheets.