Marathon Digital’s Fred Thiel said that Bitcoin halving is already priced in.
Thiel stated that spot BTC ETFs accelerated the price surge that followed the halving.
A reduction in the supply of Bitcoin post-halving may not impact the prices.
As the Bitcoin Halving event looms closer, investors and market participants look forward to its market impact. Notably, Fred Thiel, the CEO of Marathon Digital, presents a contrarian viewpoint, suggesting that the anticipated halving might not have the expected effect on Bitcoin’s price.
Traditionally, Bitcoin halvings have been associated with bullish momentum due to the reduction in the supply of newly minted bitcoins. However, Theil believes that the momentum has already been priced in.
The Marathon Digital executive emphasizes the significant role played by the approval of Bitcoin exchange-traded funds (ETFs) in the US, resulting in interest and investment in Bitcoin. According to Thiel, the capital inflows driven by ETF approval may have accelerated the price appreciation that typically follows a halving, effectively bringing forward the expected gains.
In an interview with Bloomberg TV, Thiel expressed his views, stating,
“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.”
On the other hand, a similar prediction came from BitMEX co-founder Arthur Hayes, who stated that Bitcoin would plummet before and after the halving event.
Additionally, Michael Jerlis, CEO and founder of EMCD Mining Pool, stated that before and after the halving event, “it’s like riding a rollercoaster: prices soar, they dip, and everyone’s eyes turn to altcoins for a thrill.”
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