Speaking at an online conference organized by cryptocurrency exchange Bitfinex, Tether CEO Paolo Ardoino indicated that the reason for the rise in Bitcoin's value is the launch of spot Bitcoin ETFs in the United States, and not halving, as many community members suggest.
According to Ardoino, the upcoming halving in April of this year will only become a new catalyst for the volatility of digital gold, and the forecasts of experts and traders regarding the price of Bitcoin should not be taken seriously at this stage.
According to him, today the demand for bitcoins far exceeds existing mining, but this cannot have an undue impact on the rate of the first cryptocurrency. Ardoino emphasized that analysts’ assessments are largely related to their individual perception of halving, and are not based on objective indicators of the cryptocurrency market.
Earlier, the CEO of Tether said that soon the majority of fund managers will fully realize the potential of Bitcoin and will increasingly include this asset in their investment portfolios. Ideally, investment firms could hold about one-fifth of their assets in Bitcoin, Ardoino suggested.
Source: Bits
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