The CEO of Bitcoin (BTC) miner Marathon Digital Holdings, Fred Thiel, is leaning bullish on the flagship crypto asset.
In an interview on The David Lin Report, Thiel says that between the beginning of 2025 and around the date of the inauguration of President-elect Donald Trump, Bitcoin will start to “run again.”
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.
“I think the majority of the people who look at Bitcoin price are expecting a correction into the low $90,000s, high $80,000s and then a return to growth ending somewhere approaching $200,000 by the end of next year. I think that’s a pretty valid scenario just based on the demand that we’re seeing kind of on the sidelines.”
Thiel further says if the US sets up a strategic Bitcoin reserve, it could also serve as a price catalyst for the crypto king.
“If a strategic reserve is announced [by the US], that will drive a relatively big push. If other countries start announcing reserves… again there’s a finite supply of Bitcoin. There are only 21 million Bitcoin that will ever exist, 20 million more or less have been mined. And of that maybe four million are in wallets that either have keys that are lost or inaccessible for other reasons or just won’t move… a million of which is in the Satoshi wallet itself. So there’s not a lot of Bitcoin to go around…
…and so you start adding up those demands on supply and it’s a big number. And then you look at pension funds that want to put 1% or 2% into Bitcoin. And you see just the growth of the ETFs… the Bitcoin ETFs in 12 months have grown to have more assets under management than gold ETFs took 20 years to accumulate.”
Bitcoin is trading at $96,200 at time of writing.
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