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Bitcoin due for Devaluation but Still Likely to Hold its Value

By John Smith • Published: 08 May 2020 • 15:23

EVERY four years the value of bitcoin cryptocurrency is halved in a deliberate effort to slow down the number of coins ‘mined.’

At the onset of the coronavirus Covid-19 pandemic the value of a single bitcoin dropped to $4,200 (€3,876) but now a few days before the devaluation, it has jumped back to just below $10,000 (€9,232).

It is understood that the total number of bitcoins that can ever be mined is 21 million and the current number in existence is 18 million so the devaluation is in order to make it less attractive for the miners to spend significant sums to create new bitcoins until prices rise.

This time however, it may just be possible that there will be no slow down because of the recovery in value.

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Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

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