The approaching bitcoin halving could lead to some investors selling in the near term, but Crypto.com’s CEO, Kris Marszalek, maintains a positive outlook regarding its effects on the market in the future.
Kris Marszalek, CEO of Crypto.com, believes that the approaching Bitcoin halving could cause temporary fluctuations in the market due to selling pressure. However, he remains hopeful about the positive effects this event may have on Bitcoin’s price trend based on past patterns.
During an interview with Bloomberg, Kris Marszalek pointed out the traditional pattern of price surges after Bitcoin’s halving events. However, he expressed caution due to Bitcoin reaching unprecedented peak prices at around $73,750 (as reported by CoinMarketCap) before the upcoming halving. This is the first instance where Bitcoin set a new record high prior to the halving event in its history.
Despite the possibility of short-term selling as the Bitcoin halving approaches in the next few days, the CEO of Crypto.com is optimistic about the market’s future. He anticipates “significant developments” or “positive progress” within half a year after the halving event takes place.
At the current moment, the price of Bitcoin is $63,132, marking a 14% drop from its previous peak in March. The upcoming event, known as the fourth halving scheduled for April 20th, will cut in half the daily rewards given to Bitcoin miners, decreasing it from 6.25 Bitcoins to 3.125 Bitcoins. This adjustment may influence mining profitability.
According to crypto.news’ previous report, opinions among crypto industry experts on the effects of the Bitcoin halving vary. Arthur Breitman, co-founder of Tezos, sees it as a decrease in the Bitcoin network’s security budget, potentially leading to cost savings and improved efficiency. In contrast, Arthur Hayes, former BitMEX leader, expects price declines due to reduced dollar liquidity during this period. Fred Thiel, Marathon CEO, believes that the market may have already factored in the halving’s impact, as evidenced by successful Bitcoin spot ETF approvals.
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2024-04-16 10:13