tl;dr
Marathon Digital Holdings CEO Fred Thiel is bullish on Bitcoin, predicting a potential 108% increase from the current level by late 2024. He anticipates a correction to the low $90,000s, high $80,000s before a surge towards $200,000. Thiel suggests that a US strategic Bitcoin reserve could drive sig...
Marathon Digital CEO Fred Thiel predicts Bitcoin to experience a significant surge, potentially reaching $200,000 by the end of next year, driven by increasing demand and potential strategic reserves.
Thiel suggests that a US strategic Bitcoin reserve could drive significant price growth, especially if other countries follow suit. With the finite supply of Bitcoin and increasing institutional interest, he believes the demand will outstrip supply, contributing to substantial price movement.
At the time of writing, Bitcoin is trading at $96,200. The CEO of Bitcoin (BTC) miner Marathon Digital Holdings, Fred Thiel, is leaning bullish on the flagship crypto asset. Thiel anticipates a correction to the low $90,000s, high $80,000s before a surge towards $200,000. According to the Marathon Digital CEO, Bitcoin could first fall to levels last witnessed in November 2024 before exploding by around 108% from the current level over the coming months.
If a strategic reserve is announced, Thiel believes it will drive a relatively big push in Bitcoin's price. He highlights the finite supply of Bitcoin, with only 21 million Bitcoin that will ever exist, and the increasing institutional interest, including pension funds and growth of Bitcoin ETFs.
Thiel's predictions paint a bullish outlook for Bitcoin's price movements in the coming years, emphasizing the potential impact of strategic reserves and the interplay between demand and supply dynamics.