Key Points
- Marathon Digital Holdings Inc. CEO Fred Thiel said recently that Bitcoin’s halving rally is partially priced in.
- The Bitcoin halving event is scheduled for April 20.
In a recent interview with Bloomberg, Marathon Digital Holdings Inc. CEO Fred Thiel said that Bitcoin’s halving rally is partially priced in.
Bitcoin’s halving is scheduled to take place later this month, on April 20. The publication explains that the halving is a software code update that is the main catalyst for BTC price surges.
The halving event may already be factored in to a degree, according to him.
Marathon Digital Holdings is one of the largest, most energy-efficient, and most technologically advanced Bitcoin mining companies. It is also one of the largest holders of Bitcoin among the publicly traded companies in North America.
On its official website, the company states that it invests in the most advanced technologies and leverages innovative techniques in order to convert energy into economic value while, at the same time, helping to keep Bitcoin’s ledger updated and secured, one block at a time.
Bitcoin’s rally since the beginning of 2024 has been driven by optimism triggered by the record demand for the US Bitcoin ETFs that were eventually approved by the SEC at the beginning of the year.
Bitcoin prices tend to usually rise in the months ahead of the halving – an event that takes place every four years.
Now, at the moment of writing this article, BTC is trading close to $70k, and the coin is up by about 3% in the past seven days on CoinMarketCap.
Bitcoin halving rally mostly priced in
In a recent interview with Bloomberg, Marathon Digital’s CEO, Thiel, said that he believes that the BTC ETFs approval, which has obviously been a massive success, has attracted capital into the market and brought forward “what could have been the price appreciation we typically would have seen three to six months post halving.”
He said that he believes we are now seeing part of that already.
Thiel also highlighted that the halving event will reduce the supply of Bitcoin by about 450 a day and this will probably have a small impact on the prices.
However, he highlighted that as miners, they are very excited to go into a halving, “where for once prices have not declined prior to the halving rather prices have gone up so everybody is obviously maximizing to that.”
Thiel also estimated that after the halving event, the firm’s break-even rate would be about $46k per Bitcoin in order to remain profitable.
