It’s easy to see the bull case for bitcoin following the halving.

The cryptocurrency is entering its next phase on the back of billions of dollars of demand from spot bitcoin ETFs in the U.S., with more to come from options trading and availability through large wirehouses later this year. Plus ETFs in Hong Kong and elsewhere could open up access to even more investors. 

At the same time, the supply entering circulation has been drastically reduced, which could cause an “immense supply shock,” as some are predicting. Put simply, there could be a lot of demand for not a lot of bitcoin. 

However, it’s also worth considering the bear case for bitcoin, even if it’s harder to see.

The core idea here is that the halving has cut revenue for bitcoin miners nearly in half. This has …