A Potentially Massive Catalyst for Bitcoin

by | Apr 5, 2022 | Stocks to Watch

A massive catalyst could soon send Bitcoin prices screaming higher.

At least that’s the hope as investors flock to Miami for Bitcoin Week 2022. Being held at the Miami Convention Center, more than 30,000 attendees are expected.

According to Barron’s, “Bitcoin and other cryptocurrencies were rising on Tuesday as sentiment for risk-sensitive assets got a boost and investors looked ahead to a possible catalyst for Bitcoin in the next few days.” Last year, the president of El Salvador said he would make Bitcoin a legal tender. As we head into this year’s event, there’s speculation Bitcoin could see another major catalyst.

At the same time, Bitcoin Wednesday, one of the largest community-driven monthly conferences about the Digital Currency Revolution will take place in The Netherlands.

There’s hope for major Bitcoin catalysts at both events.

However, if actual cryptocurrencies aren’t really your thing, consider the miners.

Most times, Bitcoin miners move along with Bitcoin, such as Marathon Digital (MARA).

Over the last few days, MARA jumped from triple bottom support from about $20 to $30. The company also just announced it produced a record 1,258.6 self-mined bitcoin during Q1 2022, a 556% increase from 191.8 self-mined bitcoin in Q1 2021 and a 15% sequential increase from 1,098.2 self-mined bitcoin in Q4 2021.

It also produced 436.1 self-mined bitcoin during March 2022, a 21% increase from the 360.4 self-mined bitcoin during February 2022. And it increased total bitcoin holdings to approximately 9,373.6 BTC with a fair market value of approximately $427.7 million.

MARA CEO Fred Thiel even told Bloomberg he would consider a buyout offer “at the right price.” “If somebody offers us a huge premium over our market cap, I have to take it under consideration, and that may be the right thing to do for the investors.”

There you have it. Strong potential catalysts for Bitcoin, and Marathon Digital.


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