Marathon CEO Fred Thiel means that Bitcoin’s upcoming halving might already be partially priced in because of the success of spot ETF approvals.
The upcoming halving of Bitcoin, set for mid-April, may already be accounted for to some extent, as advised by Fred Thiel, CEO of Marathon Digital Holdings, the biggest public U.S. crypto mining firm. In an interview with Bloomberg, Thiel attributed Bitcoin’s current surge to an all-time excessive partly to the approval of spot exchange-traded funds (ETFs), which has attracted elevated capital into the market.
“I feel the ETF approval, which has been an enormous success, has attracted capital into the market and primarily introduced ahead what might have been the value appreciation we usually would have seen three to 6 months submit halving.”
Fred Thiel
Whereas acknowledging the function of ETF approvals within the present market dynamics, Thiel hinted that Bitcoin’s rally might not be absolutely exhausted, suggesting potential additional progress post-halving. Because the starting of 2024, Bitcoin has witnessed a 60% surge in value worth, outperforming Ethereum (ETH) and different altcoins by way of proportion revenue.
Commenting on the upcoming halving, Thiel expressed enthusiasm, regardless of its implications for decreasing Bitcoin’s provide by about 450 BTC per day and slicing miners’ rewards for block manufacturing by half: from 6.25 BTC to three.125 BTC.
“However as miners we’re very excited to enter a halving, the place for as soon as costs haven’t declined previous to the halving slightly costs have gone up so everyone is clearly maximizing to that.”
Fred Thiel
Thiel estimated that post-halving, Marathon’s break-even charge would hover round $46,000 per Bitcoin to take care of profitability. As of press time, Bitcoin (BTC) was buying and selling at $68,826, with the entire market worth standing at $2.57 trillion, whereas Marathon’s MARA inventory value has skilled a decline of over 20% year-to-date, based on knowledge from Google.