Marathon Digital Holdings 首席执行官 Fred Thiel 预测比特币 (BTC) 价格将继续上涨，否认减半影响

马拉松数字控股公司（纳斯达克股票代码：MARA）首席执行官 Fred Thiel 周一在接受 CNBC 采访时分享了他对比特币的看好前景。

Marathon Digital (NASDAQ:MARA) CEO Fred Thiel shared his bullish outlook on Bitcoin in an interview with CNBC on Monday. He attributed the recent price surge to the introduction of spot exchange-traded funds (ETFs) earlier this year, which sparked institutional interest in the cryptocurrency.

Marathon Digital（纳斯达克股票代码：MARA）首席执行官 Fred Thiel 周一在接受 CNBC 采访时分享了他对比特币的看好前景。他将最近的价格飙升归因于今年早些时候推出的现货交易所交易基金（ETF），这引发了机构对加密货币的兴趣。

“In January, you had the ETFs that launched that drove all of a sudden the beginnings of some institutional interest,” Thiel said.

“一月份，ETF 的推出突然引起了一些机构的兴趣，”蒂尔说。

Initially, these ETFs attracted mainly retail investors, but Thiel observed a shift as institutional players entered the market. “Then you started seeing some pension funds starting to buy into ETFs and into Bitcoin-related equities like our stock or MicroStrategy‘s,” he added.

最初，这些 ETF 主要吸引散户投资者，但泰尔观察到随着机构投资者进入市场，情况发生了变化。 “然后你开始看到一些养老基金开始购买 ETF 和比特币相关股票，比如我们的股票或 MicroStrategy 的股票，”他补充道。

Thiel also highlighted the potential impact of political developments on the BTC market. “With the election, you know, Donald Trump ran on a platform that is very pro-Bitcoin—Bitcoin strategic reserve, mining in the US, etc.,” Thiel said. He suggested that such a stance could lead to a more supportive regulatory environment in the United States.

蒂尔还强调了政治发展对比特币市场的潜在影响。 “你知道，在这次选举中，唐纳德·特朗普在一个非常支持比特币的平台上竞选——比特币战略储备、在美国挖矿等等，”泰尔说。他表示，这种立场可能会在美国带来更具支持性的监管环境。

“What that’s ended up driving is a huge belief that all of a sudden the regulatory environment for Bitcoin and crypto will get much better, that the US will double down and really invest in Bitcoin potentially,” he explained. This anticipated shift could pressure other nations to adopt similar policies, fostering global adoption.

他解释说：“最终推动的是一种巨大的信念，即比特币和加密货币的监管环境会突然变得更好，美国将加倍努力并真正投资比特币。”这种预期的转变可能会迫使其他国家采取类似的政策，从而促进全球采用。

Moreover, Thiel pointed out the robust market dynamics absorbing selling pressure from long-term holders. “Every single Bitcoin that had been purchased was in profit, and you started long-term holders who had held Bitcoin for years beginning to liquidate a little bit to take some profits,” he said.

此外，泰尔指出，强劲的市场动态吸收了长期持有者的抛售压力。 “购买的每一个比特币都是盈利的，而持有比特币多年的长期持有者开始清算一点以获取一些利润，”他说。

Despite this, he emphasized the market’s resilience: “There is so much demand in the market that it just keeps soaking it up.”

尽管如此，他还是强调了市场的弹性：“市场需求如此之大，以至于不断吸收。”

Addressing concerns about Bitcoin’s notorious volatility, Thiel asserted that significant drawdowns might be a thing of the past, at least in the near term. “The volatility of past years, where you would hit a peak and then see a 20% or 30% drawdown, I think are gone, at least for the near-term future,” he stated.

在谈到对比特币臭名昭著的波动性的担忧时，蒂尔断言，大幅回撤可能已成为过去，至少在短期内是这样。他表示：“我认为，过去几年的波动性，即达到峰值，然后出现 20% 或 30% 的下跌，已经消失了，至少在不久的将来是这样。”

He believes that institutional investors are poised to enter the market aggressively. “I think what we’re going to see is essentially institutions just waiting to buy up Bitcoin,” Thiel predicted.

他认为机构投资者已准备好积极进入市场。 “我认为我们将看到的基本上是机构等待购买比特币，”泰尔预测。

He cited recent actions by major corporations to support his outlook. “You look at MicroStrategy—they’re [issuing a] $3 billion bond; they’re out there buying Bitcoin very aggressively,” he said. “We raised a $1 billion bond at 0% coupon the same week as Michael Saylor did, and we went out and acquired hundreds of millions of dollars of Bitcoin.” Thiel emphasized that this trend is gaining momentum: “Lots of people are starting to do this now.”

他引用了大公司最近的行动来支持他的观点。 “看看 MicroStrategy，他们正在[发行]30 亿美元的债券；他们非常积极地购买比特币，”他说。 “我们和 Michael Saylor 一样，在同一周以 0% 的息票发行了 10 亿美元的债券，然后我们购买了数亿美元的比特币。”泰尔强调，这种趋势正在增强：“现在很多人都开始这样做了。”

Concluding his insights, Thiel expressed confidence in Bitcoin’s upward trajectory. “Anybody who’s selling is selling into a market where there’s ample demand, and I think that for the foreseeable future we’ll continue to see Bitcoin price move up—you know, up and down, up and down—but generally the trend will be upwards,” he said.

在总结他的见解时，泰尔表达了对比特币上涨轨迹的信心。 “任何出售比特币的人都是在向需求充足的市场出售，我认为在可预见的未来，我们将继续看到比特币价格上涨——你知道，忽上忽下，忽上忽下——但总体趋势是向上，”他说。

notably, Cantor Fitzgerald recently adjusted its price target for MARA from $33 to $42. The revision follows Mara Holdings’ completion of a substantial $1 billion convertible note offering last week.

值得注意的是，Cantor Fitzgerald 最近将 MARA 的目标价格从 33 美元调整至 42 美元。此前，Mara Holdings 上周完成了 10 亿美元的可转换票据发行。

From the $980 million raised, Mara used $199 million to buy back $222 million in principal of its 2026 convertible notes. With $781 million in proceeds remaining, the company plans to purchase additional Bitcoin, leveraging a strategy similar to MicroStrategy (MSTR).

在筹集的 9.8 亿美元中，Mara 用 1.99 亿美元回购了 2026 年可转换票据本金 2.22 亿美元。凭借剩余的 7.81 亿美元收益，该公司计划利用类似于 MicroStrategy (MSTR) 的策略购买额外的比特币。

However, unlike MicroStrategy, which focuses purely on capital market maneuvers to accumulate Bitcoin, Mara also operates the largest publicly-traded Bitcoin mining operation by hash rate. Analysts at Cantor highlight this as a key differentiator with bullish potential.

然而，与纯粹专注于资本市场积累比特币的 MicroStrategy 不同，Mara 还运营着算力最大的公开交易比特币挖矿业务。 Cantor 的分析师强调，这是一个具有看涨潜力的关键差异化因素。

At press time, BTC trades at $92,531.

截至发稿时，BTC 交易价格为 92,531 美元。