Fred Thiel, CEO of Marathon Digital Holdings, the largest public U.S. crypto mining firm, suggests that the upcoming halving of Bitcoin, scheduled for mid-April, might already be partially factored into the market dynamics. Speaking with Bloomberg, Thiel highlighted the role of recently approved spot exchange-traded funds (ETFs) in driving increased capital influx into the market, contributing to Bitcoin‘s recent surge to an all-time high.
Despite acknowledging the impact of ETF approvals, Thiel hinted that Bitcoin’s bullish momentum might not have reached its peak, indicating potential further growth following the halving event. Since the start of 2024, Bitcoin has seen a remarkable 60% increase in price, surpassing Ethereum (ETH) and other altcoins in percentage gains.
Regarding the imminent halving, Thiel expressed optimism despite the anticipated reduction in Bitcoin’s daily supply by approximately 450 BTC and the halving of miners’ rewards from 6.25 BTC to 3.125 BTC per block.
Thiel projected that post-halving, Marathon’s break-even point would hover around $46,000 per Bitcoin to ensure profitability. At the time of reporting, Bitcoin (BTC) was trading at $68,826, with a total market capitalization of $2.57 trillion. Meanwhile, Marathon’s MARA stock has experienced a decline of over 20% year-to-date, according to Google data.
