On April 22, 2024, Kathleen Breitman, co-founder of Tezos Blockchain, appeared on CNBC’s “Squawk Box” to discuss with co-anchor Joe Kernen the Bitcoin market following its fourth-ever halving (on April 20).
Here are the main highlights of this interview:
- Market Expectations and Reactions: Breitman was somewhat surprised by the robust buying interest in Bitcoin following the halving, noting that while the event was well-anticipated, there was a significant pullback just before it.
- Impact of the US-Listed Spot Bitcoin ETFs: She discussed the impact of the spot Bitcoin ETFs launched in the US on January 11, suggesting that they make it harder to purchase Bitcoin due to increased demand.
- The Role of Memes and Market Sentiments: Breitman pointed out that the Bitcoin market often operates on memes or popular market sentiments, which can drive price movements.
- Security Budget and Transaction Fees: She described Bitcoin’s security budget, the amount of Bitcoin released per block, as independent of the actual security provided. With the halving, while the block reward decreased, transaction fees increased significantly, especially due to activities related to the Runes protocol, which she said is incorporating meme coins into Bitcoin. According to Breitman, this offset the reduction in block rewards to some extent.
- Market Sophistication and Future Predictions: Breitman acknowledged that the Bitcoin market has become more sophisticated with more informed players. She said that while the Bitcoin price will probably go up because retail investors expect it to go up, the market should have already priced in the effects of the halving.
At the time of writing (3:05 p.m. UTC on April 22), Bitcoin is trading at $65,900, up 1.46% in the past 24-hour period.
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