PDAX CEO Discusses Bitcoin Halving Effect in Crypto Adoption

Learn about bitcoin halving and its implications, discussed during the PDAX meetup this month.

Photo for the Article - PDAX CEO Discusses Bitcoin Halving Effect in Crypto Adoption
  • PDAX organized an event in Makati City on March 26 to discuss the implications of the upcoming bitcoin halving on the country’s macro economy.
  • Bitcoin halving reduces the reward for mining new blocks on the Bitcoin network by 50%. The next halving is projected to occur on April 20, 2024.
  • Bitcoin halving is expected to have a significant impact on global cryptocurrency adoption.

In anticipation of the bitcoin halving (or halvening, as it is sometimes called) scheduled for this month, licensed crypto exchange PDAX organized a meetup in Makati City aimed to explore the effects of the ongoing crypto bull run and the forthcoming halving on the country’s macroeconomy.

What is Bitcoin Halving?

The PDAX event, “What’s Halvening? Token Tales and Toast,” started with CEO Nichel Gaba explaining what Bitcoin halving is.

Bitcoin Halving 101

“Bitcoin is computationally scarce, only 21 million BTC can ever be created. Bitcoin was also programmed in such a way that the supply of bitcoin goes down by half at predetermined cycles, which means that before, if every ten minutes six bitcoins were being created, beginning April 20, 3.125 bitcoins will be created for every block mined.”

Nichel Gaba, CEO, PDAX

The bitcoin halving is a significant event in the cryptocurrency space that takes place approximately every four years, which reduces the reward for mining new blocks on the Bitcoin network by 50%. The halving occurs based on the number of blocks mined, specifically every 21,000 blocks, rather than a specific timeframe.

Photo for the Article - PDAX CEO Discusses Bitcoin Halving Effect in Crypto Adoption
“What’s Halvening” AMA – (L-R) Nichel O. Gaba, CEO of PDAX_ Giu Comia, Event Moderator_ and Vincent Tio, Head of Platform Solutions for PDAX

With each halving event, the block reward is cut in half, starting from 50 bitcoins per block in 2008, then decreasing to 25, 12.5, and eventually 6.25 bitcoins per block in 2020. The next halving is projected to occur on April 20, 2024.

Read: Bitcoin Hits 19 Million Milestone; Only 2 Million Left to Mine

Effects of Bitcoin Halving on Adoption

What is Crypto and Bitcoin Cost Averaging Strategy

In a discussion that also featured Vincent Tio, the Head of Platform Solutions at PDAX, and moderated by influencer Giu Coma, Gaba emphasized the significant impact of bitcoin halving on global cryptocurrency adoption.

Bitcoin Price in Previous Halving Cycles

He noted that historically, bitcoin has shown a pattern where around 400 to 500 days after a halving event, it reaches new all-time highs. 

“That was the case in 2017 when it went up to, like, $20,000. That was the case a couple of years ago when it went up to $69,000. All of these all-time highs took place around, about a year and a half after a halving event. So will that happen now? I can’t say for sure, and I would never say for sure, but, you know, the best predictor of future events is what has happened historically.”

Nichel Gaba, CEO, PDAX

Accordingly, Gaba stressed that this heightened excitement is expected to attract more people to the market, contributing to increased adoption. 

Additionally, he emphasized that as supply decreases and demand remain stable or increases, prices are likely to continue rising, fostering greater enthusiasm among investors.

Photo for the Article - PDAX CEO Discusses Bitcoin Halving Effect in Crypto Adoption
Group shot with Community Manager Trexia Olaya with PDAX community members and host Giu Comia

Meanwhile, Tio emphasized that the discussion is not a forecast of future events, but rather an assessment of potential trajectories based on observed trends. He further stated that the excitement may spread to a broader audience, facilitating adoption among newcomers entering the market. 

Read: Bitcoin Halving Explained: How It Influences BTC’s Price

Institutional Adoption of Bitcoin

Bitcoin Institutional Adoption - Impact of Bitcoin ETFS and Upcoming Bitcoin Halving

Gaba noted that institutional involvement in the crypto market has fueled heightened excitement leading to the forthcoming halving event.

“Bitcoin has been around for roughly 15 years. And in those 15 years, the only ones who were ever really buying and selling bitcoin were retail individuals like us, right? People like you and me, buying and selling bitcoin. But ever since the ETFs (exchange-traded funds) were approved, we started seeing a lot of the fund managers take bitcoin positions… If you think about it, there is probably 100 or 1000 times more money being managed by institutions than by retail individuals.”

Nichel Gaba, CEO, PDAX

The CEO also said that the presence of institutions in the crypto space is expected to amplify the excitement that drove retail investors to propel bitcoin’s price to $70,000. Gaba stressed that with institutions joining, the significance of the upcoming halving event is magnified even further.

Photo for the Article - PDAX CEO Discusses Bitcoin Halving Effect in Crypto Adoption
Vincent Tio, Head of Platform Solutions for PDAX, speaking during the What’s Halvening AMA

Tio added that this marks a new era as the crypto space ventures into unexplored territory, with previous halving events not reaching all-time high (ATH) numbers. The approval of exchange-traded funds for bitcoin adds to the excitement surrounding the upcoming halving event.

“The excitement will culminate further. And there’s actually a lot of unknown in where this can potentially go. But the optimism really is high in terms of combining what is mentioned, the institutional appetite for it, and at the same time the halvening of Bitcoin.”

Vincent Tio, Head of Platform Solutions, PDAX

Bitcoin Price to PHP

Recent Bitcoin Developements

On March 14, 2024, bitcoin set a new record of $73,750 for its all-time high, with a market capitalization reaching $1.44 trillion.

In February, amid the surging price of bitcoin, the Google search interest for the leading cryptocurrency has remained historically low relative to its price. Accordingly, an analysis by Yassine Elmandjra of ARK Investment Management showed a significant correlation between the search volume for bitcoin and its price, with a notable surge in both during late 2017.

In January, the United States Securities and Exchange Commission (US SEC) approved multiple Bitcoin Spot ETF applications including ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton.

Read: Beginner’s Guide: What is Bitcoin Exchange-Traded Funds?

In early 2023, software engineer Casey Rodarmor officially launched Ordinals on the Bitcoin mainnet. Ordinals allow the Bitcoin version of non-fungible tokens (NFTs), dubbed as “digital artifacts”, on the Bitcoin network. Last September, Rodarmor introduced a new Bitcoin-based NFT protocol called Runes

Read: What is Ordinals Bitcoin NFT | NFTs on Bitcoin Sparks Debate

BitPinas Bitcoin Series

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