Fred Thiel, CEO of Marathon, proposes that the anticipated Bitcoin halving might have been factored into current market prices because of the recent approvals of spot Bitcoin Exchange-Traded Funds (ETFs).
Fred Thiel, CEO of Marathon Digital Holdings and the largest U.S. crypto mining company, believes that some of Bitcoin’s recent price surge, which reached an all-time high, can be explained by the upcoming halving event in mid-April. In a Bloomberg interview, Thiel suggested that the approval of spot Bitcoin ETFs has brought more investment into the market, potentially lessening the impact of the halving on Bitcoin’s price.
“The approval of the ETF has led to a significant influx of investments, possibly accelerating the price increase that might have occurred three to six months later after the halving event.”
Fred Thiel
Recognizing the impact of ETF decisions on present market trends, Thiel implied that Bitcoin’s price increase might not have reached its peak yet, indicating possible additional gains following the halving event. Since the start of 2024, Bitcoin has experienced a substantial 60% rise in value, surpassing Ethereum (ETH) and other alternative coins in terms of percentage earnings.
Regarding the approaching Bitcoin halving, Thiel showed excitement, despite the consequences of decreasing its supply by approximately 450 Bitcoins daily and diminishing miners’ rewards for creating blocks by fifty percent – from 6.25 Bitcoins to 3.125 Bitcoins.
Miners are particularly eager about the upcoming halving since the price increase preceding it is unusual. Instead of declining before the event, as typically happens, the prices have risen instead, prompting everyone to make the most of this situation.
Fred Thiel
According to Thiel’s calculation, Marathon would need to sell Bitcoin for around $46,000 each after the halving to remain profitable. Currently, Bitcoin is priced at $68,826 and the market cap is $2.57 trillion. However, Marathon’s MARA stock has dropped by more than 20% since the beginning of the year based on data from Google.
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2024-04-10 13:45