Bloomberg Talks MARA's Fred Thiel Talks Bitcoin
Dec 16, 2025
Fred Thiel, Chairman and CEO of MARA, a leading bitcoin-mining company, discusses the current state of Bitcoin, which is experiencing its fourth annual decline. He believes this decline is a 'healthy retracement' and anticipates a strong comeback next year. Thiel links Bitcoin's movement to global liquidity and Fed policies while explaining why stocks and Bitcoin are diverging. He highlights traditional finance's growing acceptance of crypto and shares how MARA's unique vertical integration sets it apart in the mining industry.
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ETF Break-Even Acts As Price Support
- Fred Thiel says Bitcoin is finding support near the $84,000 range tied to ETF break-even levels.
- He views the recent decline as a healthy retracement driven by liquidity and rotation away from risk assets.
Liquidity And Dollar Move Bitcoin
- Thiel links Bitcoin's moves to global liquidity and U.S. monetary policy shifts.
- He expects easing and a weaker dollar to be positive drivers for Bitcoin going forward.
Derivatives Leverage Drove The Correction
- Thiel highlights a large reduction in derivatives leverage from about $90B to $30B open positions.
- He says the unwinding of leverage removed momentum and drained liquidity from Bitcoin's price run-up.