Bitcoin whale and popular crypto Twitter user Joe007 has argued that bitcoin’s upcoming halving event is giving “get-rich-quick” traders false hope as he does not expect the price of the cryptocurrency to surge after the event.
On social media, Joe007 argued that the halving, which will cut block rewards on the flagship cryptocurrency’s blockchain to 6.25 BTC per block, is overhyped and is already priced in. As such, traders looking to “get-rich-quick” off of the event won’t do as well as they believe they will.
There is no hurry, let the beautiful dream of magic halvening give hope to get-rich-quick wannabes for a spell.
— ʲᵒᵉ (@J0E007) May 4, 2020
Bitcoin has been through two halving events in the past, and the price of the cryptocurrency surged months after these events. While some believe the surges were at least partly related to the drop in new coins being minted, Joe007 argued the “long-term supply/demand balance gradually shifted” producing the price patterns we saw.
As CryptoGlobe reported, Joe007 has in the past claimed the halving is already priced in, as it’s an event everyone knows is occurring. Some analysts have even pointed to the Efficient Market Hypothesis to argue the event is priced in.
Earlier, the bitcoin whale claimed that the price of bitcoin rising to $9,000 was a “FOMO” rally, claiming the cryptocurrency was being bought by investors with fear of missing out (FOMO), and predicted the price was going to crash after the halving.
According to Bitfinex’s leaderboard, Joe007 has a massive short position on bitcoin. The position turned negative with the cryptocurrency’s rise past the $9,000 mark, and it is currently on $1 million worth of unrealized losses.
Featured image via Pixabay.