According to the CEO of the leading US crypto miner, the big moment of Bitcoin’s halving may not be as surprising for the market as envisioned.
During a recent chat with Bloomberg TV, Marathon’s CEO, Fred Thiel, shared his thoughts on how the approval of ETFs could affect Bitcoin’s (BTC) price in the long term. Thiel believes the ETF approval has already drawn significant investment, speeding up the usual price rise that follows halving by about three to six months.
The halving in late April will be a significant event in the Bitcoin world. This event means that the reward for miners who keep the Bitcoin system running will drop by half.
This reduction is significant for them because it directly affects their primary source of income. When the halving occurs, the supply of BTC will drop by approximately 450 units per day. Thiel believes the drop in BTC’s supply won’t significantly impact its price.
Bitcoin has been on a wild ride lately, with its price increasing by more than 60% since the beginning of the year. Most of this increase is due to the excitement surrounding the demand for US exchange-traded funds (ETFs) that hold Bitcoin directly.
Thiel predicts that after the halving, Marathon, a major Bitcoin mining company based in Fort Lauderdale, Florida, will need BTC’s price to stay above $46,000 to remain profitable. Marathon operates several mining facilities in the United States.
The CEO of Marathon, the largest Bitcoin mining company, said that the market may have anticipated the Bitcoin halving to a certain extent. After the halving, this mining company can maintain profitability at $46,000 per Bitcoin. https://t.co/lqJO6oal6b
— Wu Blockchain (@WuBlockchain) April 10, 2024
While many experts predict a significant increase in BTC’s value following the halving, BitMEX co-founder Arthur Hayes believes BTC’s price movement during the period of the event could be negative. However, other industry figures, such as Ripple CEO Brad Garlinghouse, remain bullish, predicting that the overall market capitalization of cryptocurrencies will double this year, aided primarily by spot BTC ETFs and the halving event.
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