Many bullish investment theses for bitcoin are grounded in expectations that the upcoming halving of block rewards will cause the bitcoin (BTC) price to increase. Previous supply constrictions, from 50 BTC to 25 BTC and 25 BTC to, where we currently stand, at 12.5 BTC, have had that effect. Still, given the rare nature of these events, our data points are limited and increase the anticipation and speculation around upcoming halving some time in May 2020.

There are many great pieces on the mechanics of a BTC halving and how they were described in the original white paper and subsequently coded into the structure of bitcoin. So I will assume familiarity with these concepts going forward as we try to understand the supply constriction narrative of the halving thesis.

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