Key Points
- Marathon CEO, Fred Thiel, indicates that Bitcoin’s upcoming halving may already be factored in due to spot ETF approvals’ success.
- Thiel suggests there is potential for further growth post-halving, despite Bitcoin’s recent surge to an all-time high.
Fred Thiel, CEO of Marathon Digital Holdings, the largest public crypto mining company in the U.S., suggests that the impending halving of Bitcoin might already be partially priced in.
This speculation is due to the successful approval of spot exchange-traded funds (ETFs) which have attracted significant capital into the market.
ETF Approvals and Market Dynamics
Thiel attributes the recent surge in Bitcoin’s value to an all-time high, in part, to the approval of these ETFs.
He stated, “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.”
Despite acknowledging the role of ETF approvals in the current market dynamics, Thiel hinted that Bitcoin’s rally may not be fully exhausted.
He suggested there could be further growth post-halving.
Bitcoin Halving and Market Performance
Since the start of 2024, Bitcoin has seen a 60% surge in price value, outperforming Ethereum (ETH) and other altcoins in terms of percentage profit.
Regarding the upcoming halving, Thiel expressed enthusiasm, despite its implications for reducing Bitcoin’s supply by about 450 BTC per day and halving miners’ rewards for block production.
Post-halving, Thiel estimated that Marathon’s break-even rate would be around $46,000 per Bitcoin to maintain profitability.
At the time of reporting, Bitcoin (BTC) was trading at $68,826, with the total market value standing at $2.57 trillion.
However, Marathon’s MARA stock price has experienced a decline of over 20% year-to-date, according to data from Google.
