Online interest in a Bitcoin block reward halving event has surged in South Africa.

Online interest in a Bitcoin block reward halving event has surged in South Africa and headlined the country as one of the top regions focused on the cryptocurrency development, according to recent Google Trends data.

Globally search interest for the term 'halving' reached a maximum 22 search volume point range - on a scale of 1 to 100 - in July 2016 when the last event was held, according to the search engine.

The rate has more than tripled and is now at almost 100 points as at the time of this writing.

South Africa is ranked in second place globally with 79 points, just behind the UK at a full 100.

The closest any African country could get to South Africa’s position is Nigeria at 9th position with 60 points. Kenya is placed in 32nd position with 23 search volume points.

Bitcoin observes a programmed technical process every four years in which its supply is cut in two, intended to strengthen its core design as a deflationary currency that has a controlled total supply of 21 million (about 18.36 million of which is already in circulation).

The quadrennial cutting-into-two of Bitcoin’s supply this year, which will see its supply decrease in the form of a regular reward from 12.5 coins per block every ten minutes to 6.25 coins, is scheduled for 12 May 2020.

Though nothing is fixed with regards to its outcome, there is a general assumption that once the demand remains the same while the supply is halved, the price of Bitcoin would escalate buying pressure due to scarcity and increase its value.

The week has seen a slight spike in the price of the cryptocurrency with a 15% rise over a seven-day period from US$8,801 to US$9,893.

Irlon Terblanche, the founder and chief executive at Blockchain Capital (South Africa), maintains that no other native coin issued by any crypto start-up actually adds value in a real sense outside Bitcoin.

He said: “Bitcoin is the only system that needs bitcoin tokens. Without the token, Bitcoin does not work. It is a necessary part of the process to ensure immutability.”