CEO of the crypto exchange Kraken: „Bitcoin will go to infinity“.
Kraken CEO Jesse Powell believes a price of US$1 million within the next 10 years is „pretty realistic“.
The CEO of major crypto exchange Kraken is convinced that bitcoin (BTC) will eventually be worth „infinity“.
Speaking to Bloomberg yesterday, 4 March, Jesse Powell was suitably optimistic as Bitcoin climbed back above the US$50,000 mark.
Powell: 1 million US dollars in 10 years
„Of course, we can only speculate, but measured in US dollars, Bitcoin will go to infinity,“ as he predicts the long-term price development of the market-leading cryptocurrency. To this he adds:
„Our national currency is only fifty years old and is already showing extreme weakness. I therefore believe that at some point society will rather measure the value of goods and services in Bitcoin.“
Powell’s statements come against the Bitcoin Revolution backdrop of a weakening US dollar, but this did not affect the bitcoin price on Wednesday. At the same time, the national debt has risen to a new high of 28 trio. US dollar.
Although the US$50,000 mark was already undercut again by the end of the day, Bitcoin investors remain confident in the face of these omens.
„People who are convinced about Bitcoin know that it will become the world’s reserve currency. That means, as it were, that the total value of the dollar, the euro and all other national currencies combined will eventually be what Bitcoin is worth,“ as Powell explains. And further:
„In the short term, it will replace gold as the leading store of value, so I think a price target of $1m within the next 10 years is quite realistic.“
As Cointelegraph has reported, Bitcoin managed to close 26% above the price target issued by the popular stock-to-flow calculation model in February. Inventor PlanB believes the crypto market leader can still climb to $100,000 this year.
That Bitcoin may sooner or later replace gold as the leading store of value is a narrative that has long been invoked on social media. In the meantime, more and more experts agree with this tenor.
Even prominent Bitcoin critic Mark Cuban states that gold is „dead“, to the disappointment of gold advocates like Peter Schiff.
„Bitcoin has been outperforming gold since its inception“, as Kraken development manager Dan Held therefore also substantiates in Schiff’s direction.