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Bitcoin’s upcoming halving may trigger short-term selling, but Crypto.com CEO Kris Marszalek remains optimistic about its long-term impact on the market.
Crypto.com CEO Kris Marszalek anticipates that the upcoming Bitcoin halving event may lead to short-term selling volatility, yet maintains optimism regarding its long-term implications, considering historical patterns in BTC price movements following similar network updates.
In an interview with Bloomberg, Kris Marszalek highlighted the historical trend of price increases following halving events but acknowledged uncertainty due to Bitcoin’s recent record highs. In March, Bitcoin’s price set a new all-time high, soaring to $73,750 (CoinMarketCap data), which was the first time when BTC updated its record high prior to the halving event.
Even though short-term selling is not ruled out as the fourth halving nears, the Crypto.com CEO believes it will have a “positive development for the market” in the long run, saying he expects “pretty decent action within the six months following the Bitcoin halving.”
As of press time, Bitcoin is trading at $63,132, representing a 14% decrease from its March highs. The fourth halving — which is due to Apr. 20 — will reduce the daily supply of Bitcoin miners’ rewards by half: from 6.25 BTC to 3.125 BTC, impacting mining profitability.
As crypto.news noted earlier, various crypto industry figures hold differing views on the halving’s effects. Tezos co-founder Arthur Breitman views it as a “reduction in security budget,” suggesting potential benefits in addressing overpayment for security. However, Arthur Hayes, former head of BitMEX, anticipates BTC price declines due to limited dollar liquidity during the period. Marathon CEO Fred Thiel suggests that the halving’s impact may already be priced in, citing successful spot exchange-traded fund (ETF) approvals.
Read more: Crypto expert explores bear market possibility as Bitcoin halving draws near