Adam Back, a co-founder of Blockstream, a Bitcoin infrastructure development company, posted on return)' The halving theory fails and reaches the top of the S-curve upwards, just like the 200 estimated by Bitcoin pioneer and first BTC recipient Hal Finney (@halfin) in January 2009 With a trillion-dollar addressable market, Bitcoin’s S-curve may now enter a steeper period.” Back added: “My guess is that the diminishing returns trend may break out to the upside over the next 2-5 years.”