In simpler terms, the CEO of Marathon Digital Holdings, Fred Thiel, believes that Bitcoin‘s upcoming “halving” event, which is a software update supposed to increase its price, might have been accounted for in the current market value, as he shared in an interview with Bloomberg TV.
In simple terms, the price of Bitcoin surged by 60% in the year 2024 due to heightened anticipation over increasing demand for US Bitcoin ETFs. Elon Musk’s belief is that the ETF approval accelerated the possible price increase following the Bitcoin halving event.
Marathon, which operates Bitcoin mining sites throughout the United States, projects that the upcoming halving will reduce the daily production of Bitcoin by approximately 450 units. This reduction could cause a minor price adjustment in the Bitcoin market. Despite a recent decline of 4% in Bitcoin’s value to $68,773, Marathon anticipates its cost-recovery point for each Bitcoin mined after the halving will be set at $46,000 per coin.
Marathon’s stock is currently gaining 1%, bringing the price up to $18.11. However, it’s important to note that this represents a decrease of 23% for the year. Thiel points out that historical trends suggest a halving event typically precedes price drops. Nevertheless, the current market conditions have ignited optimism among miners due to unique factors, causing a surge in excitement rather than fear.
price fluctuations, Marathon’s plans for the upcoming halving event, and perspectives from Peter Thiel. It aims to provide valuable information for those who are invested in cryptocurrencies or want to understand the market better.
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2024-04-10 10:28