Monthly Archives: March 2021

Kraken CEO bullish on Bitcoin

Kraken CEO bullish on Bitcoin: “It will go to infinity”

In an interview with Bloomberg, Kraken CEO and founder Jesse Powell made a startling prediction about Bitcoin’s future value: “If you measure it in dollars, you have to assume it’s going to go to infinity.”

Powell justified his comment by painting a future in which, instead of comparing Bitcoin to fiat currencies to determine the value of an item, prices are viewed solely in Bitcoin Up (“Trading veteran: This is the most bearish factor that can threaten Bitcoin”):

“I think pretty soon people will start pricing things in terms of bitcoin. I think the true believers will tell you that it will go all the way to the moon and Mars and eventually be the world currency. So we’re not going to measure the price of Bitcoin in terms of dollars, but what it’s going to buy – probably planets or other solar systems.”

Powell painted a picture of a post-fiat world

Certainly optimistic by most standards, Powell painted a picture of a post-fiat world where items are priced in Bitcoin rather than government-backed currencies.

“[Bitcoins could be] worth as much as the market capitalisation of the dollar, the euro, all of that combined.”

When pressed to give a numerical answer on the future price of Bitcoin, Powell suggested that a price target of $1 million over the next 10 years would be “reasonable”.

Powell suggested that Bitcoin’s price rise is linked to US dollar inflation, as people see Bitcoin as a “safe haven” in the face of unreliable returns on savings accounts. Powell also spoke about Kraken’s upcoming investment round, touching on Kraken’s $10 billion valuation and the potential of a future Kraken IPO:

“We’re definitely on track to go public, we’ve had a lot of interest in funding, in people buying shares in the company. I personally think $10 billion is a low valuation – I wouldn’t be interested in selling shares at that price.”

Concluding the interview, Powell expressed sentiments seemingly in line with the current mindset of cryptocurrency enthusiasts:

“I’m a long-term holder. There’s no reason to sell bitcoin, and I think a lot of other people are just waiting to buy the dip, those hodlers of last resort.”

There would be a lot of “weak hands” out there coming in, day trading, these wouldn’t really understand the basics of bitcoin (Go to Plus500 buy bitcoin guide) – but, Powell said:

“I think there are enough people out there who see that Bitcoin is the future and are holding it for the long term.”