TL;DR
- Charlie Shrem shares memories of the first BTC halving in 2012.
- The first halving reduced the block reward from 50 to 25 BTC.
- Bitcoin faces price drop due to geopolitical events and economic statements.
Charlie Shrem, Bitcoin pioneer and co-founder of the Bitcoin Foundation, has revived crucial memories about the first Bitcoin (BTC) halving that took place in 2012.
Through a post on the social network X, Shrem shared the story of how the miners reward for each new block was reduced from 50 BTC to 25 BTC on November 28, 2012, marking a significant milestone in the history of Bitcoin.
Always gets quiet around the #bitcoin halving. I remember the first in 2012, Nov 28th reduced the first block reward from 50 to 25. Here is a pic from that day. We are all smiles secretly we weren’t sure if this first halving would work. Can you guess the early bitcoiners? pic.twitter.com/fBeTjizNNJ
— Charlie Shrem (@CharlieShrem) April 16, 2024
In the publication, Shrem shared a photo from that day with Erik Voorhees and Roger Ver, other prominent early adopters of Bitcoin.
Although they looked smiling in the image, Shrem reveals that there was actually a hidden fear that this first halving would not work as expected.
This recollection offers us an intimate perspective into the challenges and uncertainty that early Bitcoin enthusiasts faced as they helped shape the technology and the community around it.
The halving concept in BTC remains a fundamental part of its protocol, designed to control supply and increase scarcity over time.
With each halving, the number of new Bitcoins generated is halved, contributing to its deflationary narrative and the perception of long-term value for BTC investors and users.
Meanwhile, in the current context, Bitcoin has experienced a drop in its price in recent days
Despite recovery attempts, the cryptocurrency has lost more than 10% of its value since Friday, April 12, according to CoinMarketCap.
This decline is attributed in part to unfavorable geopolitical developments in the Middle East and statements on inflation by Federal Reserve Chairman Jerome Powell.
This news has negatively impacted risk markets, including BTC, generating a price correction.
The global economic and political landscape continues to be a determining factor in the volatility and direction of the prices of Bitcoin and other cryptocurrencies.
As Bitcoin continues its path toward mass adoption and consolidation as a financial asset of global importance, events such as halvings will continue to be notable milestones that reflect the evolution and maturity of this innovative financial technology.
