CNBC just made a noteworthy announcement stating that Bitcoin (BTC) is the first asset in history that is going to become more scarce than gold. The news is made as Bitcoin crosses $42,000, a number that hasn’t been reached in more than a year. The Fast Money show explores the factors that have contributed to the recent spike in Bitcoin prices, highlighting the upcoming halving event and its possible effects on the digital asset’s scarcity.

Throughout the year, the cryptocurrency sector has seen an incredible comeback, with Bitcoin leading the way. The bullish momentum has been fueled by the expectation that a Spot Bitcoin ETF may be approved, which has increased interest in the cryptocurrency. The fact that Bitcoin recently crossed $42,000 shows how popular it is becoming and how investors are becoming more enthusiastic about it.

According to CNBC, the impending halving event will play a major role in pushing Bitcoin into hitherto unexplored levels of scarcity. An intermittent occurrence in the Bitcoin protocol, the halving event entails a decrease in mining rewards, hence reducing the rate at which new bitcoins are created. This event is expected to increase the scarcity of Bitcoin, making it an even more limited asset in comparison to gold.

Gold vs. Bitcoin: A Revolution

A major turning point for Bitcoin is the comparison to gold, a conventional store of value known for its rarity. According to CNBC, Bitcoin would produce at a slower rate than gold if it is halved, which could increase its value and confirm its reputation as a rare asset.

Historical statistics indicate that the halving event, which the market is anticipating, may lead to Bitcoin’s best price performance. The cryptocurrency is in a prime position for significant value growth, especially when combined with the potential regulatory approval of a Spot Bitcoin ETF. By the end of 2024, Standard Chartered has even projected that the price of Bitcoin will reach $100,000.

CNBC’s declaration that Bitcoin will soon become an asset “more scarce than gold” sums up the way that the story around digital currencies is developing. The impending halving event and the larger market dynamics make Bitcoin’s ascent to become more scarce than gold a significant turning point in its development as a store of value and investment tool.