{"id":23791,"date":"2024-11-26T22:30:56","date_gmt":"2024-11-26T22:30:56","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=23791"},"modified":"2024-11-26T22:30:56","modified_gmt":"2024-11-26T22:30:56","slug":"institutions-just-waiting-to-buy-up-bitcoin-says-mara-ceo","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=23791","title":{"rendered":"Institutions Just \u2018Waiting To Buy Up\u2019 Bitcoin, Says MARA CEO"},"content":{"rendered":"

In an interview<\/a> with CNBC on Monday, Fred Thiel, CEO of Marathon Digital Holdings (NASDAQ: MARA), shared his bullish outlook on Bitcoin. He emphasized the growing institutional interest and a favorable regulatory environment that could propel the BTC price to new highs.<\/p>\n

Thiel dismissed the impact of the recent Bitcoin halving<\/a>, stating, \u201cI think the halving had zero effect.\u201d Instead, he attributed the Bitcoin price surge to the introduction of spot exchange-traded funds (ETFs) earlier this year. \u201cIn January, you had the ETFs that launched that drove all of a sudden the beginnings of some institutional interest,\u201d he noted.<\/p>\n

Institutions Just \u2018Waiting To Buy Up\u2019 Bitcoin<\/h2>\n

While the initial investments in these ETFs were predominantly retail, Thiel observed a shift as institutional players began entering the market. \u201cThen you started seeing some pension funds starting to buy into ETFs and into Bitcoin-related equities like our stock or MicroStrategy<\/a>\u2018s,\u201d he added.<\/p>\n

The CEO highlighted the potential impact of political developments on the BTC market. \u201cWith the election, you know, Donald Trump<\/a> ran on a platform that is very pro-Bitcoin\u2014Bitcoin strategic reserve, mining in the US, etc.,\u201d Thiel said. He suggested that such a stance could lead to a more supportive regulatory environment in the United States.<\/p>\n

\u201cWhat that\u2019s ended up driving is a huge belief that all of a sudden the regulatory environment for Bitcoin and crypto will get much better, that the US will double down and really invest in Bitcoin potentially,\u201d he explained. This anticipated shift could pressure other nations to adopt similar policies, fostering global adoption.<\/p>\n

Thiel also pointed out the robust market dynamics absorbing selling pressure from long-term holders. \u201cEvery single Bitcoin that had been purchased was in profit, and you started long-term holders who had held Bitcoin for years beginning to liquidate a little bit to take some profits,\u201d he said. Despite this, he emphasized the market\u2019s resilience: \u201cThere is so much demand in the market that it just keeps soaking it up.\u201d<\/p>\n

Addressing concerns about Bitcoin\u2019s notorious volatility, Thiel asserted that significant drawdowns might be a thing of the past, at least in the near term. \u201cThe volatility of past years, where you would hit a peak and then see a 20% or 30% drawdown, I think are gone, at least for the near-term future,\u201d he stated. He believes that institutional investors are poised to enter the market aggressively. \u201cI think what we\u2019re going to see is essentially institutions just waiting to buy up Bitcoin,\u201d Thiel predicted.<\/p>\n

He cited recent actions by major corporations to support his outlook. \u201cYou look at MicroStrategy\u2014they\u2019re [issuing a] $3 billion bond; they\u2019re out there buying Bitcoin very aggressively,\u201d he said. \u201cWe raised a $1 billion bond at 0% coupon the same week as Michael Saylor<\/a> did, and we went out and acquired hundreds of millions of dollars of Bitcoin.\u201d Thiel emphasized that this trend is gaining momentum: \u201cLots of people are starting to do this now.\u201d<\/p>\n

Concluding his insights, Thiel expressed confidence in Bitcoin\u2019s upward trajectory. \u201cAnybody who\u2019s selling is selling into a market where there\u2019s ample demand, and I think that for the foreseeable future we\u2019ll continue to see Bitcoin price move up\u2014you know, up and down, up and down\u2014but generally the trend will be upwards,\u201d he said.<\/p>\n

Notably, Cantor Fitzgerald recently adjusted<\/a> its price target for MARA from $33 to $42. The revision follows Mara Holdings\u2019 completion of a substantial $1 billion convertible note offering last week. From the $980 million raised, Mara used $199 million to buy back $222 million in principal of its 2026 convertible notes. With $781 million in proceeds remaining, the company plans to purchase additional Bitcoin, leveraging a strategy similar to MicroStrategy (MSTR).<\/p>\n

However, unlike MicroStrategy, which focuses purely on capital market maneuvers to accumulate Bitcoin, Mara also operates the largest publicly-traded Bitcoin mining operation by hash rate. Analysts at Cantor highlight this as a key differentiator with bullish potential.<\/p>\n

At press time, BTC traded at $92,531.<\/p>","protected":false},"excerpt":{"rendered":"

In an interview with CNBC on Monday, Fred Thiel, CEO of Marathon Digital Holdings (NASDAQ: MARA), shared his bullish outlook on Bitcoin. He emphasized the growing institutional interest and a favorable regulatory environment that could propel the BTC price to new highs. Thiel dismissed the impact of the recent Bitcoin halving, stating, \u201cI think the […]<\/p>\n","protected":false},"author":0,"featured_media":23792,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-23791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23791"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23791"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23791\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/23792"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}