Bloomberg Businessweek MARA CEO Thiel Remains Confident in Bitcoin Amid Downtown
Dec 17, 2025
Bitcoin is facing its fourth annual decline, but the context is unique this time without scandals. Fred Thiel, CEO of a leading bitcoin mining company, believes in a market recovery driven by institutional adoption. He highlights potential support levels around $84,000 linked to ETF dynamics. The discussion also covers how Bitcoin has decoupled from stocks and the impact of easing liquidity. Thiel explains how his company’s vertical integration sets it apart in the industry, suggesting a cautious but optimistic outlook for Bitcoin's future.
AI Snips
Chapters
Transcript
Episode notes
Bitcoin Support At ETF Breakeven
- Fred Thiel sees Bitcoin finding support around $84,000 tied to ETF breakeven levels.
- He expects liquidity easing and a weaker dollar to help Bitcoin appreciate over time.
Derivatives Drive Crypto Volatility
- Thiel argues the derivatives market and leverage explain Bitcoin's disconnect from equities.
- Open derivative positions fell from roughly $90B to $30B, removing fuel from the rally.
Focus On Long-Term Adoption
- Thiel urges investors to view the long-term trend and institutional adoption, not short-term moves.
- He points to growing bank participation and tokenization as reasons to stay patient.