USA’s largest Bitcoin Fred Thiel, CEO of mining company Marathon Digital, shared his views on the upcoming Bitcoin ‘halving’ event. A ‘halving’ can be defined as a software code update that is expected to act as a catalyst for further price increases. However, Thiel believes the market may have already partially priced in the ‘halving’.

BTC has gained over 60% since the beginning of the year. This increase is driven by optimism about record demand for US Spot ETFs, which hold coins directly. Historically, Bitcoin prices have tended to rise in the months following the previous three ‘halving’ events, which occur every four years.

“The ETF approval, which was a huge success, brought capital into the market and essentially brought forward the price increase that we might see three to six months after the halving,” Thiel said in an interview on Bloomberg TV.

“I think we’re already seeing some of that, and that’s brought some of the demand forward.”

“The halving event will reduce the Bitcoin supply by approximately 450 per day, which will likely have a minor impact on prices,” Thiel added:

“However, as miners, we are very excited to enter a halving where prices do not fall before the halving, but rather rise, so everyone benefits from this situation to the fullest.”

Thiel estimates that the breakeven rate for Marathon to remain profitable after the ‘halving’ will be around $46,000 per Bitcoin.

*This is not investment advice.

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