As the next Bitcoin halving event draws near—just days away—the blockchain community is buzzing with anticipation. Historically, halvings have preceded major bull runs, and 2025 could be no different. To explore what’s next for the industry, we spoke with leading experts across the ecosystem: Raymond Lou, Vice President at Binance; Shenyu, Co-founder of F2Pool & Cobo; and Bohan, Partner and Deputy Director of BKEX Research Institute.
Their insights cover everything from market cycles and post-halving trends to the real-world adoption of blockchain technology.
Will the Halving Trigger the Next Bull Market?
The relationship between Bitcoin’s halving and price performance has long been a topic of debate. With only a small fraction of BTC left to mine, does the event still hold the same weight?
Shenyu: Halving Impact Is Diminishing
“The impact of the halving on the crypto market will continue to weaken.”
Shenyu points out that over 18 million BTC have already been mined—nearly 90% of the total supply. As new coin issuance slows, the direct market influence of reduced block rewards becomes less significant.
However, he emphasizes that Bitcoin’s role as a high-liquidity asset played a crucial part during the March 12 market crash. When traditional markets froze, Bitcoin was among the first assets sold to cover margin calls—proving its integration into global financial risk management.
“This was possibly a once-in-a-decade stress test,” Shenyu notes. “And Bitcoin passed it.”
While he remains cautious about calling an immediate bull run, he believes that as the global economy recovers from macro shocks, wealthy individuals may increasingly adopt Bitcoin as a hedge. The true inflection point, he argues, depends more on macroeconomic recovery than the halving itself.
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Bohan: Supply Shock Still Matters
Bohan takes a more bullish stance.
“I firmly believe the halving will act as a catalyst for the next bull phase.”
He highlights Bitcoin’s core value proposition: digital scarcity. Unlike fiat currencies, BTC is inherently deflationary—especially after each halving cuts new supply in half.
“Reduced miner sell pressure, higher production costs—these fundamentals push prices upward over time,” Bohan explains.
Even though the upcoming reduction represents just ~8% of circulating supply (down from 50% in earlier cycles), its psychological and structural impact remains powerful. Combined with global monetary expansion and dollar depreciation, Bitcoin’s digital gold narrative gains strength.
Recent price rebounds suggest market sentiment is stabilizing. With halving effects compounding, Bohan sees a strong case for a new bull cycle emerging in 2025.
What Comes After the Halving? Key Trends to Watch
With infrastructure maturing and institutional interest rising, where will innovation accelerate?
Raymond Lou: Building the Blockchain Ecosystem
At Binance, the vision extends far beyond trading.
“Our goal is to build a full blockchain ecosystem.”
While exchanges remain central, Lou stresses that real growth lies in real-world applications: payments, remittances, investments, gaming, and decentralized finance (DeFi).
“We believe 2025 will be the year of practical blockchain adoption.”
This includes advancing Binance’s shift toward DAO governance and expanding utility across digital asset use cases.
Shenyu: Look for the Killer Use Case
History shows that breakthroughs often follow pivotal moments:
- Bitcoin’s surge came with Silk Road.
- Ethereum’s rise was fueled by ICOs.
For newer protocols like IPFS or emerging Layer 1 chains, Shenyu says we haven’t yet seen their defining moment.
“Don’t judge early-stage tech by today’s limitations. Judge it by its growth trajectory.”
Until a clear, mass-adoption use case emerges—one that solves real problems at scale—widespread traction will remain elusive.
Bohan: Real-World Applications Are the Future
One development stands out: China’s central bank digital currency (CBDC), DC/EP, now piloting in cities like Shenzhen and Suzhou.
“This is a game-changer for blockchain adoption.”
While CBDCs differ fundamentally from decentralized cryptocurrencies, they serve as powerful tools for public education. As people interact with digital yuan, they unknowingly engage with blockchain-adjacent systems—building familiarity and trust.
Beyond finance, Bohan highlights traceability applications:
- Verifying authenticity of medical supplies
- Tracking food safety from farm to table
- Ensuring transparency in charitable donations (e.g., Alipay’s blockchain-powered donation tracking)
These are not theoretical—they’re already live in limited environments. But scaling them requires time, regulation, and cross-industry collaboration.
“We must integrate carefully, addressing legal and social concerns without rushing.”
When Will Blockchain Go Mainstream?
Today, blockchain users represent a tiny fraction of global internet users. What will trigger explosive growth?
Raymond Lou: Solve Real Problems
“Breakthrough adoption happens when blockchain solves everyday pain points.”
Initiatives like Facebook’s Libra (now Diem) and national CBDCs are paving the way—not because they’re decentralized, but because they bring blockchain-like features to billions.
Once governments recognize and regulate digital assets effectively, integration into daily life accelerates. Already, traditional financial institutions that once shunned crypto are now actively seeking exposure.
“This isn’t just about speculation—it’s about infrastructure.”
Shenyu: Digital Currency Education Is Underway
Projects like Libra and DC/EP may not be pure decentralization, but they normalize digital money.
“Younger generations raised in mobile-first environments are far more open to crypto.”
They don’t carry baggage from early scams or volatility fears. For them, digital wallets and instant cross-border payments feel natural.
As these users enter financial decision-making roles, demand for decentralized alternatives will grow organically.
Bohan: Decentralization Must Become Ubiquitous
True user explosion hinges on widespread decentralized access.
Imagine:
- Anyone with a smartphone can use a global currency (Libra’s original vision).
- Farmers verify crop origins via tamper-proof ledgers.
- Patients securely share medical records across providers.
DC/EP’s rollout is just the beginning. As more countries launch CBDCs and private-sector innovations mature, blockchain literacy will rise alongside usage.
“We’re moving toward a future where billions interact with blockchain daily—often without even knowing it.”
That silent adoption could be the most transformative shift of all.
Frequently Asked Questions
Q: Does the Bitcoin halving still affect price in 2025?
Yes, though less directly than before. While newly mined BTC represents a smaller share of total supply, the halving still reduces sell pressure from miners and reinforces Bitcoin’s scarcity narrative—key drivers of long-term value.
Q: What makes 2025 different from previous bull cycles?
Institutional participation, regulatory clarity, and real-world use cases (like CBDCs and DeFi) create stronger fundamentals than past speculative runs. The ecosystem is maturing beyond pure trading.
Q: Can blockchain go mainstream without people understanding it?
Absolutely. Most internet users don’t understand TCP/IP—but they use it daily. Similarly, blockchain can power backend systems (payments, supply chains) while remaining invisible to end users.
Q: Is DeFi the next big thing after the halving?
DeFi remains a strong contender. With improved scalability and security, decentralized lending, trading, and asset management could see massive growth—especially if integrated with traditional finance.
Q: How do CBDCs impact decentralized crypto?
CBDCs increase public familiarity with digital money but differ in philosophy. They may coexist with decentralized currencies, serving state-backed use cases while BTC/ETH offer censorship-resistant alternatives.
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Final Thoughts: The Path Forward
The 2025 bull cycle won’t be driven by hype alone. It will be shaped by:
- Macroeconomic trends (inflation, currency devaluation)
- Technological maturity (scaling solutions, interoperability)
- Real-world integration (CBDCs, traceability, DeFi)
While the halving may not single-handedly trigger a rally, it amplifies existing momentum. Combined with broader adoption signals—from institutional investment to government pilots—the foundation for sustained growth is solid.
The experts agree: blockchain is entering a new era. Whether through silent integration via CBDCs or disruptive innovation via DeFi, the next wave of adoption is already underway.
Stay informed. Stay prepared. And watch for those breakout moments—the ones that turn niche technology into global transformation.
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