#白宫首届加密货币峰会
Bitcoin used to have a well-known "four-year cycle": every four years, the number of newly generated bitcoins is halved. According to this pattern, prices would significantly drop before each halving and then soar rapidly afterwards. However, more and more people have recently noticed that this pattern may have become ineffective.
Back in the significant rise in 2013, it was indeed because the halving reduced the new coin supply, leading to an increase in buyers that pushed the price up. But by 2017, the situation became more complicated; although the price of Bitcoin rose after the halving, it coincided with a depreciation of the US dollar and fluctuations in US Treasury bonds, making it difficult to discern whether the halving was the influencing factor or if macroeconomic conditions were at play.
The rise in 2021 was even more evident; there was almost no direct correlation between Bitcoin's price increase and the halving. Now, the US government claims it will incorporate cryptocurrencies into its national reserves, which is tantamount to an official acknowledgment of their financial status. This indicates that Bitcoin will increasingly resemble traditional assets like gold and stocks, with price fluctuations largely depending on global economic conditions, policy changes, and other macro factors, rather than simply being determined by supply adjustments every four years. In simple terms, Bitcoin has matured and is beginning to engage in the macroeconomic game alongside other major players in the financial sector.
