The first decentralized cryptocurrency, Bitcoin, with its upcoming “halving,” a software code update expected to boost prices, may already be factored in, according to Marathon Digital Holdings Inc.’s CEO Fred Thiel in an interview with Bloomberg TV.
Bitcoin’s 60% rally in 2024 is fueled by optimism about record demand for US crypto ETFs. Thiel believes ETF approval brought forward potential price gains post-halving.
Thiel said, “I think the ETF approval, which has been a huge success, has attracted capital into the market and essentially brought forward what could have been the price appreciation we typically would have seen three to six months post halving.”
Marathon, with mining facilities across the US, expects the halving to cut Bitcoin supply by 450 daily, impacting prices slightly. Despite a recent 4% drop in Bitcoin to $68,773, Marathon estimates its break-even rate post-halving to be $46,000 per Bitcoin.
Shares of Marathon are surging 1% to $18.11, although down 23% this year. Thiel notes that while halving usually precedes price declines, recent market dynamics are different, causing excitement among miners.
The news emphasizes Bitcoin’s price trends, Marathon’s preparations for the halving, and insights from Thiel, catering to readers interested in cryptocurrency investment and market dynamics.
Also Read: Bitcoin Mining Profitability Post-Halving Relies On Price at $80,000
