Peter Schiff, known for his criticism of cryptocurrencies, went to the social media website X and trolled “Bitcoiners” following the recent Bitcoin halving event. Schiff patronizingly congratulated Bitcoin holders and asked if they were now “throwing parties.”.
“Congratulations, Bitcoiners, on the Halving. Are you guys commemorating this occasion by throwing parties tonight? I haven’t been invited to any,” Schiff wrote.
Therefore, the mining reward has been halved from 6.25 BTC per block to 3.125 BTC per block for the 840,000th block. This event was designed to manage Bitcoin’s scarcity and control inflation, as the total supply is capped at 21 million.
These rewards to the miners have now been cut by half, and Schiff mocked the holders of Bitcoins, saying that “HODLers” would soon see their “net worths halved.” Schiff’s comments came after the fourth Bitcoin halving event concluded. It occurs approximately every four years.
According to CoinMarketCap data, Bitcoin is at $64,150 at the time of writing, down 0.1% in the past hour but up 2.4% over the last 24 hours.
Also Read: JPMorgan Predicts Bitcoin Price Decline Post-Halving
