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As the Bitcoin halving event looms closer, Crypto.com CEO Kris Marszalek remains cautiously optimistic about its impact on the market. While acknowledging the potential for short-term selling volatility, Marszalek points to historical trends indicating positive long-term implications for Bitcoin’s price following such network updates.
In a recent interview with Bloomberg, Marszalek drew attention to the historical pattern of price surges following halving events. However, he also acknowledged the uncertainty surrounding Bitcoin’s recent record-breaking highs. In March, Bitcoin reached an unprecedented peak of $73,750, marking a significant milestone ahead of the upcoming halving event.
Despite the possibility of short-term selling pressure leading up to the fourth halving, Marszalek remains bullish about its overall impact on the market. He views the event as a positive development in the long run and anticipates significant market activity in the six months following the halving.
“As the halving approaches, there may be short-term selling, but in the long run, it will be a positive development for the market,” Marszalek said.
At present, Bitcoin is trading at $63,264, reflecting a 12% decline from its March peak. The impending halving, scheduled for April 20th, will cut the daily supply of Bitcoin miners’ rewards in half, from 6.25 BTC to 3.125 BTC, which is expected to impact mining profitability.
Various industry figures hold differing views on the potential effects of the halving. Tezos co-founder Arthur Breitman sees it as a reduction in the security budget, potentially addressing concerns of overpayment for security. However, Arthur Hayes, former head of BitMEX, anticipates price declines due to limited dollar liquidity during the period. Marathon CEO Fred Thiel suggests that the halving’s impact may already be factored into the market, citing successful spot exchange-traded fund (ETF) approvals.