Charlie Morris, the investment director of the Fleet Street Letter, is buying bitcoin. He sees it as a cheap stock with an opportunity to grow in value because of the halving. Morris gave his reasons for being bullish on bitcoin in a column in the Fleet Street Letter, a MoneyWeek Research Publication in London, U.K.
Morris compares the bitcoin halving to gold miners or oil producers cutting their production in half. He asks his readers if they would be more bullish on gold and oil if gold and oil supplies were cut in half. “That’s exactly what’s about to happen to bitcoin, the digital currency,” he noted.
Bitcoin: Limited Supply
Morris wrote that 25 bitcoins are now created every 10 minutes. On July 11, this number drops to 12.5. Four years later, it halves again.
There are currently 15.5 million bitcoins at present and the halving process, which is written into the the cryptocurrency’s software’s code, restricts the supply of bitcoins to