Kraken CEO – Bitcoin Price will Hit ‘Infinity’
The US based cryptocurrency exchange Kraken’s CEO Jesse Powell stated that the value of Bitcoin (BTC) will increase to “infinity” and people will stop evaluating it using the US dollars as reference.
While talking to Bloomberg on March 4, Jesse Powell expressed utmost bullishness on Bitcoin as the numero uno crypto crossed $50,000.
Powell said: “$1 million Bitcoin in ten years “reasonable”
While speaking to Bloomberg TV about price trend, Powell said “Of course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think it’s going to infinity.”
“This national currency’s only fifty years old, it’s already showing extreme signs of weakness, and pretty soon I think people are going to start measuring the price of things in Bitcoin.”
— Bloomberg TV (@BloombergTV) March 4, 2021
Powell made the comment when the greenback was declining along with a sell-off in the conventional market, a development which had no effect on Bitcoin. Notably, the US national debt crossed $28 trillion for the foremost time in the country’s history. In spite of facing heavy resistance at $50,000, crypto enthusiasts and Bitcoin bulls in particular stood extremely optimistic.
Powell further stated “The people that are believers in Bitcoin see… it’s going to replace all of the world’s currency, so that basically means whatever the market cap of the dollar is, the euro — all of that combined is what Bitcoin could be worth.”
“I think in the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next ten years is pretty reasonable.”
Bitcoin ended February at price well above the projection made by the stock-to-flow-based price model. The developer of the model, PlanB, is optimistic that the king of crypto will hit $100,000 sometime in 2021.
In the meantime, argument in favor of Bitcoin outclassing gold is consistently gaining support on social interaction platforms. Crypto enthusiasts find it increasingly easier to win arguments of gold supporters in recent times as regulatory hindrance is the only major argument that favors gold in comparison to Bitcoin.
Notably, billionaire Mark Cuban, who was a Bitcoin skeptic earlier, interacted with SchiffGold.com CEO Peter Schiff to end his affinity for the yellow metal. Cuban said Schiff that ‘Gold is dead.’
In reply to Schiff’s claim that speculating against gold would end up in loss, Kraken growth lead Dan Held argued that “Bitcoin has been crushing gold since inception.”