$BTC Insights: Tezos Co-Founder Delves into Bitcoin's Future After Fourth Halving

Kathleen Breitman, co-founder of Tezos Blockchain, shared insights on the Bitcoin market post its fourth halving during an appearance on CNBC's "Squawk Box" alongside co-anchor Joe Kernen on April 22, 2024.

Breitman Reflects on Bitcoin Halving and Spot ETFs: Surprises and Market Dynamics

Breitman expressed some surprise at the strong buying interest in Bitcoin following the halving. Despite anticipation surrounding the event, there was a notable pullback just before it took place.

Breitman discussed the influence of spot Bitcoin ETFs launched in the US on January 11, suggesting that they have made it more challenging to purchase Bitcoin due to increased demand.

Breitman highlighted the influence of memes and popular market sentiments in the Bitcoin market, noting their potential to drive price movements.

Breitman on Bitcoin's Security Budget and Transaction Fees: Runes Protocol Offset Halving Effects

Breitman explained Bitcoin's security budget, indicating that it is independent of the actual security provided. Despite the halving reducing block rewards, transaction fees have surged significantly, particularly due to activities related to the Runes protocol. This protocol integrates meme coins into Bitcoin, offsetting the reduction in block rewards to some extent.

Breitman on Bitcoin Market Sophistication: Halving Effects Already Priced In?

Breitman acknowledged the increased sophistication of the Bitcoin market, with more informed players participating. While retail investors anticipate Bitcoin's price to rise, Breitman suggested that the market should have already factored in the effects of the halving.

At the time of writing, Bitcoin is trading at $66,105.

In summary, Breitman's insights shed light on the evolving dynamics of the Bitcoin market post-halving, emphasizing factors such as investor sentiment, transaction fees, and the influence of new financial products like ETFs.