Mar 05, 2021
The Kraken CEO says that Bitcoin (BTC) will be worth “infinity,” and humanity will soon stop pricing cryptocurrency in U.S. dollars.
On March 4, Jesse Powell, co-founder, and CEO of Kraken discussed Bitcoin’s price potential with host Emily Chang on Bloomberg TV. Powell said in his speech that a $ 1 million price tag for BTC over the next decade is “pretty reasonable”.
He also commented on the dollar’s weakening on Wednesday, with a macro market sell-off. The national currency is only 50 years old and is already showing signs of weakness, he said. U.S. national debt has quietly surpassed $ 28 trillion for the first time in history, and this event had no impact on Bitcoin price. The CEO thinks that very soon, people will start measuring the price of everything in Bitcoin.
About the future price trajectory, Powell added that we can only speculate, but when we measure it in dollars, you have to think it’s going to infinity.
“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.”
Although Bitcoin has continued to rise lately, it failed to stay above $ 50,000 and $ 49,000 against the US dollar. However, even if the $ 50,000 support was rejected, Bitcoin bulls are still optimistic.
According to a recent JPMorgan study, one out of five institutional investors who do not currently invest in cryptocurrencies believe that their companies will invest in cryptos in the future.
The survey of more than 3,400 investors representing 1,500 institutions found that 11% of respondents work in companies that trade or invest in cryptocurrencies, while 89% do not. 22% of respondents from firms that do not trade or invest in crypto are likely to buy cryptocurrencies in the future.
While 14% of respondents said “probably the mouse squared position,” 21% said they believe crypto is a fad. Only 7% of respondents think cryptocurrencies will become one of the most significant assets.
It seems that many of the participants are concerned about security issues. But the chain of events shows that big players like Tesla and MicroStrategy continue to make investments without worrying about it.
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