Marathon Digital Holdings CEO Fred Thiel is offering his thoughts on how the upcoming Bitcoin (BTC) event is likely to affect the price of the flagship crypto asset.
The CEO of the crypto mining firm says in a new Bloomberg interview that the upcoming Bitcoin halving is likely to have “some small impact” on the price of the flagship digital asset.
The halving is scheduled to occur on April 19th and will reduce the amount of Bitcoin produced per day from 900 to 450.
According to Thiel, the spot Bitcoin exchange-traded funds (ETF) in the US, which were approved in January, could have interrupted the timing of the flagship crypto asset’s bullish cycle.
“I think the ETFs approval, which has been a huge success, has attracted capital into the market and potentially brought forward what could have been the price appreciation we typically would have seen three to six months post-halving. So I think we’re seeing part of that now, already.
Of these ETFs, 11 were approved. Four of the 11 ETFs are the most successful ETF launches on record ever, and the total amount of capital in the ETFs already has surpassed 50% of the amount of assets under management in gold ETFs. So what has happened in three or four months compared to 20 years with gold is pretty astounding.
And so we think that has pulled forward some of the demand. The halving event will reduce the supply of Bitcoin by about 450 a day. The new emissions of Bitcoin, which will have some small impact on price moves probably.”
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