New developments in the Bitcoin mining space have led Hut 8 vice president Sue Ennis to believe that well-positioned miners will thrive after the next BTC halving. Despite the consensus opinion that the halving will send Bitcoin’s price to a new all-time high or even above $100,000, the current macroeconomic headwinds and Bitcoin’s recent price action below $30,000 do not inspire much confidence in this theory in the short term. Ennis shared her thoughts on how the Bitcoin price will rise above $100,000 in the next year and how the upcoming halving will impact BTC miners. She mentioned that hash rate continues to increase despite Bitcoin’s price trading in a certain band, and there is a tremendous amount of new entrants into the global Bitcoin network. Ennis suggested that miners need to diversify their revenue streams beyond just mining Bitcoin in order to stay afloat after the halving. She also discussed the potential impact of a spot Bitcoin exchange-traded fund (ETF) approval on miner equities. Ennis believes that a spot ETF approval is bullish for the asset class, but it could create sell pressure on miner equities. She mentioned that BlackRock’s involvement in the space is a positive signal for a spot ETF approval. Ennis also stated that she believes Bitcoin could reach $100,000 if it captures even 2 to 5% of gold’s market cap.
