Marathon’s CEO Anticipates Bitcoin’s Surge to be Non-Explosive, with Halving Already Accounted for
According to Marathon CEO Fred Thiel, the upcoming halving of Bitcoin, which is scheduled for mid-April, may already be partially factored into the market. Thiel, who heads the largest public U.S. crypto mining company, Marathon Digital Holdings, believes that the recent surge in Bitcoin’s price to an all-time high is partly due to the approval of spot exchange-traded funds (ETFs), which have attracted more capital into the market.
While acknowledging the impact of ETF approvals on the current market dynamics, Thiel suggests that Bitcoin’s rally may not be fully exhausted and there is potential for further growth after the halving. Since the beginning of 2024, Bitcoin has experienced a 60% increase in price, surpassing Ethereum and other altcoins in terms of percentage profit.
Thiel expresses enthusiasm about the upcoming halving, despite the implications it holds for reducing Bitcoin’s supply and cutting miners’ rewards. The halving will reduce Bitcoin’s supply by about 450 BTC per day and decrease miners’ rewards for block production by half, from 6.25 BTC to 3.125 BTC.
Thiel estimates that after the halving, Marathon’s break-even rate would be around $46,000 per Bitcoin in order to maintain profitability. Currently, Bitcoin is trading at $68,826 with a total market value of $2.57 trillion. However, Marathon’s MARA stock price has declined by over 20% year-to-date, according to data from Google.
In related news, a miner has earned 6.36 BTC on one block of Bitcoin as the halving approaches. Stay updated with the latest news by following us on Google News.
