Opinion: Third halving was not the main reason for the Bitcoin rally.

Bitcoin has doubled in price since the third halving, from $8570 to over $18,000. Coin Metrics co-founder Nick Carter believes that this was largely due to inflation in fiat currencies and the development of institutional infrastructure, rather than a decline in the block award.

The presenters of Bloomberg TV asked if the halving held six months ago was included in the current Bitcoin price. The analyst warned that most users would not agree with his answer.

„I do not think that halving has had an impact on the price of bitcoin. It is an event that has been known since day zero. I think the catalysts are outside the market or related to infrastructure,“ said Carter.

The expert said that the current growth seems more sustainable than it was three years ago.

Carter noted that in 2017, the market was pushed up by retail investors who went through Bitcoin Secret scam to other crypto assets and participated in ICOs. Big players simply could not enter the market due to a lack of infrastructure.

„There were no qualified custodians at the time, prime brokerage was only gaining strength. In fact, there was no credit market, CME just started trading futures,“ Carter recalled.

Over the past three years, access to the market by large institutional investors has become ‚more comfortable‘. The specialist cited the bitcoin purchase stories by MicroStrategy and Square as an example.

Carter noted that this new type of market participant is set up to hold the first cryptovoltaic currency for the long term as an insurance against inflation caused by unprecedented monetary measures by governments. Investors are concerned about the prospect of a deep sinking of interest rates into negative territory. They are attracted by the algorithmically limited emission of bitcoin, he added.

„Bitcoin may be a slowly monetizing alternative money exchange commodity,“ Carter explained investors‘ perceptions.

As a reminder, Chainalysis analysts saw the ‚insatiable appetite‘ of institutions as the reason for bitcoin growth.

Earlier Deutsche Bank analysts discovered that investors increasingly prefer bitcoin to gold.

Experts from Citibank suggested that the first cryptovoltaic currency would consolidate its status as digital gold and reach the $318,315 mark by the end of 2021.