Tezos Co-Founder Breaks Down Bitcoin's Post-Halving Surge on CNBC's 'Squawk Box'

On April 22, 2024, Kathleen Breitman, Tezos Blockchain co-founder, discussed Bitcoin's market behavior post-halving with CNBC's Joe Kernen. She highlighted the unexpected buying surge, the impact of spot Bitcoin ETFs, and the role of memes in market fluctuations. Breitman emphasized Bitcoin's security budget independence from security and noted the surge in transaction fees due to Runes protocol activities. She acknowledged market sophistication and predicted a potential price increase, attributing it to retail investor expectations despite the halving's effects being likely priced in.

Tezos Co-Founder Kathleen Breitman Analyzes Bitcoin Market Dynamics Post-Halving on CNBC's "Squawk Box"

On April 22, 2024, Kathleen Breitman, the esteemed co-founder of Tezos Blockchain, graced the set of CNBC's "Squawk Box" to engage in a comprehensive discussion with co-anchor Joe Kernen regarding the Bitcoin market's post-halving trajectory.

Historical Context: Bitcoin Halving Unveiled

On April 20, 2024, Bitcoin underwent its highly anticipated fourth halving, an event that marked a pivotal juncture in the cryptocurrency's history. This algorithmic adjustment halved the block reward for Bitcoin miners, reducing the issuance of new Bitcoins by 50%.

Breitman's Market Observations

Breitman expressed mild astonishment at the robust buying pressure that characterized the Bitcoin market following the halving. She noted that despite the event's well-publicized nature, a noticeable pullback preceded its occurrence.

Influence of Spot Bitcoin ETFs

Breitman delved into the impact of the spot Bitcoin exchange-traded funds (ETFs) that launched in the United States on January 11, 2024. She posited that these instruments have rendered the acquisition of Bitcoin more challenging due to heightened demand.

The Power of Memes and Sentiment

Breitman emphasized the profound influence of memes and prevailing market sentiments on the behavior of the Bitcoin market. She asserted that these factors often instigate price fluctuations.

Security Budget and Transaction Fees

Breitman elucidated the concept of Bitcoin's security budget, which represents the quantity of Bitcoin released per block. She clarified that this budget is independent of the actual security provided. With the halving, the block reward was diminished, prompting a surge in transaction fees, particularly due to activities associated with the Runes protocol, which Breitman described as an initiative that integrates meme coins into the Bitcoin network. She indicated that this phenomenon partly offset the decline in block rewards.

Market Sophistication and Future Predictions

Breitman acknowledged the increasing sophistication of the Bitcoin market, marked by a greater influx of informed participants. She expressed her belief that while retail investors' expectations of price appreciation may continue to drive Bitcoin's upward trajectory, the market should have already factored in the halving's effects.

Current Market Conditions

At the time of writing (3:05 p.m. UTC on April 22), Bitcoin was trading at $65,900, exhibiting a 1.46% gain over the preceding 24-hour period.

Conclusion

Breitman's insightful analysis of the Bitcoin market post-halving provided valuable insights into the dynamics shaping this volatile and ever-evolving asset class. Her perspectives highlight the multifaceted nature of Bitcoin's price movements and underscore the significance of understanding the interplay between market fundamentals, psychological factors, and technological advancements.