- Elected officials and major players in the digital assets sector will join the 2nd Bitcoin (BTC) Policy Summit on Tuesday in Washington, DC.
- The affair comes at an opportune time when Bitcoin is about to hit halving in barely 10 days.
The 2nd Annual Bitcoin Policy Summit
Policymakers and industry leaders will convene once again on Tuesday, April 9, for the Bitcoin Policy Summit. The event will be hosted by the Bitcoin Policy Institute (BPI) at the National Press Club Ballroom in Washington, DC. Meanwhile, Bitcoin Magazine will be responsible for live-streaming the affair on its YouTube and social media channels.
The second Bitcoin Policy Summit will be joined by prominent politicians championing cryptocurrencies such as Senator Cynthia Lummis (R-WY) who was very vocal in her opposition against the Energy Information Administration (EIA) survey targeting Bitcoin mining operators in the US as well as Senator Kirsten Gillibrand (D-NY) and Congressman Tom Emmer (R-MN) who have been pushing for regulatory clarity in the digital assets industry. Others include Senator Marsha Blackburn (R-TN), Congressman Patrick McHenry (D-NC), and Congressman Wiley Nickel (R-NC).
Gillibrand said she expects the summit to be a platform for sharing ideas that could ultimately lead to a “smart policy” in the crypto sector, which could pave the way toward responsible innovations, strong consumer safeguards, and a more secure ecosystem free of bad actors.
Nickel added that the forum could serve as a venue for finding common ground and advancing common sense in legislation toward Bitcoin. He likewise promised to share an update on their accomplishments in the 118th Congress.
Besides their short-term volatility, the most common points of contention of policymakers toward Bitcoin and other cryptos mostly rest on their energy usage and tendency to be exploited for money laundering.
Furthermore, the summit will discuss the “Geopolitics of Bitcoin,” which will evaluate the macro power dynamics among Bitcoin, other digital assets, and the dollar monetary system. This leg of the event will be tackled by key executives from SentinelOne, BlockTrace, Bridger Solutions, and Foundry.
A Well-Timed Affair
The summit comes at an opportune time wherein Bitcoin is now experiencing an unprecedented level of institutional adoption and is set to cross a pivotal event called the “halving.” Basically, the latter is a part of BTC’s deflationary mechanism to ensure scarcity in its ecosystem as time goes.
The halving happens at every 210,000th block height or approximately four years, which cuts the mining reward in the world’s premier blockchain by half at each epoch until the 21 million BTC supply cap has been reached. The next one is happening around April 19 or 20 as soon as the 840,000th Bitcoin block has been mined.
The incoming instance will reduce the Bitcoin mining reward from the current 6.25 BTC per block to 3.125 BTC. As a result, it is projected that the following cycle will slash the daily BTC produced immensely from an average of 900 BTC to 450 BTC per day.
The tighter supply in the aftermath of the event is driving a positive outlook on the price of BTC, with expectations that each coin could reach over a hundred thousand dollars between 2024 and 2025.