Crypto.com CEO Optimistic About Bitcoin’s Future Despite Halving
Crypto.com’s CEO, Kris Marszalek, warns of potential selling pressure as the Bitcoin halving approaches, citing the well-known “buy the rumor, sell the news” strategy.
Speaking with Bloomberg, Marszalek notes parallels between the current market phase and previous cycles, expressing confidence in Bitcoin’s performance over the next six months. He underscores the impact of spot bitcoin ETFs, anticipating a decrease in selling pressure from miners post-halving. However, he cautions that these effects will unfold gradually, spanning months rather than days or weeks. Marszalek advocates for a long-term holding strategy for Bitcoin, expecting significant performance in the months ahead amidst ongoing market consolidation.
In light of Hong Kong’s conditional approvals for asset managers to launch spot bitcoin and ether ETFs, Marszalek discusses the changing dynamics of the crypto market. He suggests that the proportion of bitcoin prices driven by retail versus institutional activity may shift during the cycle. Looking ahead, he anticipates further market developments, including potential decisions on additional cryptocurrency ETFs, which could strengthen market flows. Marszalek concludes by recommending a long-term investment horizon for Bitcoin, expressing personal optimism for its performance in the next six months.
Clever Robot News Desk 19th April 2024
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