Marathon CEO Fred Thiel Suggests Bitcoin Halving May Be Partially Priced In
As the Bitcoin halving approaches, Marathon CEO Fred Thiel suggests that the event may already be factored into the current market dynamics, thanks to the success of spot ETF approvals. Thiel believes that the recent surge in Bitcoin’s price to an all-time high can be partially attributed to the influx of capital into the market following the approval of ETFs.
Despite the potential impact of the halving on reducing Bitcoin’s supply and miners’ rewards, Thiel remains optimistic about the future growth of the leading cryptocurrency. He noted that Bitcoin has outperformed other altcoins in terms of percentage profit since the beginning of the year, indicating continued investor interest in the digital asset.
Looking ahead, Thiel expressed excitement about the upcoming halving and highlighted Marathon’s break-even rate post-halving. With Bitcoin trading at $68,826 at the time of writing, Thiel estimated that the company’s break-even rate would be around $46,000 per Bitcoin to maintain profitability.
While Marathon’s MARA stock price has experienced a decline of over 20% year-to-date, Thiel’s positive outlook on Bitcoin’s future post-halving suggests that the company remains optimistic about its long-term prospects in the crypto mining industry.
As the crypto market continues to evolve, the impact of events like the Bitcoin halving and ETF approvals will shape the future of digital assets. Stay tuned for more updates on the latest developments in the world of cryptocurrency.
