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Tether Co-Founder Envisions Bitcoin Surge to $300,000 Amidst Halving Anticipation

In a recent interview with CNBC, Tether co-founder William Quigley shared his insights on the potential trajectory of Bitcoin, suggesting that the leading cryptocurrency could reach a staggering $300,000 at the peak of the upcoming bull market. Quigley based his speculation on historical patterns observed during past halving events, emphasizing that his analysis is not a definitive prediction but rather a possibility if these patterns hold true.

The next Bitcoin halving is slated for April 18, a pivotal event that occurs approximately every four years. This process involves cutting the Bitcoin mining reward in half, from 6.25 BTC to 3.125 BTC, effectively reducing the daily supply from 900 BTC to 450 BTC. Quigley asserted that Bitcoin is currently on more solid fundamental ground compared to the period preceding the last halving in May 2020.

One significant factor contributing to Quigley’s optimistic outlook is the emergence of spot Bitcoin exchange-traded funds (ETFs) and a surge in derivative volume. These developments mark substantial milestones that distinguish the current market landscape from previous cycles. The co-founder pointed out that ETFs have recently “hit a record,” with assets under management surpassing $50 billion as of March 6. Collectively, the 10 ETFs hold approximately 740,000 BTC.

What sets this bull market apart is the exceptional performance of these ETFs, propelling Bitcoin close to its all-time high price levels weeks before the anticipated halving — an unprecedented occurrence in the cryptocurrency’s history.

Quigley highlighted the transformative impact of ETFs on the composition of Bitcoin investors, indicating a notable shift from a predominantly retail-driven market to one increasingly influenced by institutional interest. He pointed out that the current era is characterized by a pronounced influx of institutional money into Bitcoin, a stark contrast to the pre-2020 period.

The co-founder’s observations underscore the evolving nature of the cryptocurrency market, with institutional players now playing a more prominent role in shaping its dynamics. As Bitcoin enthusiasts eagerly await the upcoming halving event, Quigley’s insights add an extra layer of anticipation, suggesting that historical patterns, if repeated, could drive Bitcoin to unprecedented heights in the current bull market.

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