Crypto.com CEO Kris Marszalek warns about what will happen tomorrow. It's about halving in the Bitcoin network. In his opinion, declines are ahead.
Kris Marszalek warns against declines
In an interview with Bloomberg on Tuesday, Kris Marszalek discussed the potential impact of the upcoming bitcoin halving on the cryptocurrency's price.
I think there is a general consolidation phase going on right now, similar to previous cycles. I expect some pretty decent moves in the six months after the bitcoin halving
– he said.
So are we facing declines or increases? The CEO points out that demand for bitcoin through spot ETFs “improves the overall situation as less bitcoin sold by miners enters the market.” But it matters in the long run:
It won't make a difference in a day, two days or a week. However, within six months it makes a significant difference.
He recalled the famous principle of “buying rumors and selling facts.”
As we get closer to this (halving) date, a sale may occur
– he warned.
Then he analyzed exactly how BTC ETFs work. He pointed out that they mean additional “flows” of capital “that did not exist before.”
It will be what it was before
When asked if he expected the price of bitcoin to continue to rise and what could push it up, the CEO of Crypto.com replied:
Again, I think this is a period of consolidation. In fact, we've seen exactly this in previous cycles, so this is an asset you want to maintain for a very long period of time. This should be measured in years, if not decades. That's why I highly recommend anyone with this time horizon add (BTC) to their portfolio.
He added that he “personally expects great results over the next six months.”
Today, however, 1 BTC costs approximately USD 61,500, which translates into a drop of as much as 13% per week. The price has dropped by 3% since yesterday. Ether costs USD 2,996, which in turn means a decrease of approximately 3% in 24 hours and a 16% decrease in 7 days.
