As the Bitcoin Halving draws near, many investors anticipate continued price growth due to reduced supply following the event. Yet, Marathon Digital’s CEO, Fred Thiel, is skeptical and thinks that the halving itself may not significantly affect Bitcoin‘s price.
Bitcoin Halving Affects Likely Already in Place
The CEO of Marathon Digital, the largest US cryptocurrency mining company, believes that the Bitcoin halving’s influence on Bitcoin’s price has already been factored in. He also points out that Bitcoin ETFs have sparked considerable curiosity in Bitcoin. Consequently, any potential price adjustment due to a decrease in supply from the halving might be insignificant.
In an interview with Bloomberg TV on Tuesday, Marathon Digital Holdings Inc. CEO Fred Thiel explained that the approval of the ETF (Exchange-Traded Fund) has significantly drawn investment into the market. As a result, the price increase, which typically occurs three to six months after the Bitcoin halving event, has been accelerated.
Marathon Hoards BTC Ahead of Bitcoin Halving
Discovered just before the Bitcoin halving in 2023, Marathon Digital’s Bitcoin wallets containing approximately $1.1 billion and 23 addresses came to light. Generating a revenue of around $387.5 million that year through mining approximately 12,850 Bitcoins, these on-chain wallets played a significant role in the surge of interest in Bitcoin ETFs prior to the event.
Before the Bitcoin halving, an increase in bitcoin incoming indicates that owners are probably accumulating more bitcoins in preparation for the code update. Individuals keep robust Bitcoin holdings with high hopes of experiencing a market surge post-halving.
The upcoming Bitcoin halving is driving market players to stockpile Bitcoins and eagerly seek Bitcoin ETFs. In spite of recent market instability, large Bitcoin holders have been aggressively buying large quantities of Bitcoin as the halving approaches. This accumulation behavior indicates that big investors are optimistic, considering the upcoming fourth halving. It appears that these investors are preparing for potential profits in the Bitcoin market once miner rewards start getting reduced.
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2024-04-10 02:37