The CEO of Singapore-based digital asset exchange Crypto.com is saying Bitcoin’s (BTC) bull market cycle is just getting started.
In a new interview with Bloomberg, Kris Marszalek says he expects the upcoming halving event, when miners’ rewards are cut in half, to be a positive development for Bitcoin within a six-month time frame.
However, he warns there may be some Bitcoin selling in the near term.
“I would say [the halving event] just improves the overall situation because you’ve got less Bitcoin coming into the market that is being sold by the miners and you’re just cutting this in half. So it won’t make a difference over a day or two or a week. But over a period of six months it makes a substantial difference. So I think this is a very positive development for the market. One has to always remember that there is this ‘buy the rumor, sell the news’ kind of thing so as we approach this date there may be some selling coming up…
“I think this is a period of consolidation. We’ve seen exactly this, in fact, happening in the previous cycles. So this is an asset that you want to hold for a very long period of time. You should measure it in years, if not decades. So I strongly recommend everybody who has this kind of time horizon to add it to their portfolio. And I personally expect great performance within the next six months.”
The crypto exchange CEO also says that retail demand is currently lower than in the previous cycle, but he expects it to increase. He says the plan for Crypto.com is to expand its services to other jurisdictions.
“The retail intent so far has been muted compared to the previous cycle so it gives us this kind of notion that these are the early innings of the cycle. We’ve almost completed our regulatory licensing puzzle in all major markets. So we’re ready to grow the business as fast as we possibly can.”
Bitcoin is trading for $61,914 at time of writing, down more than 4% in the last 24 hours.
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