Jesse Powell, CEO of Kraken, one of the largest cryptocurrency exchanges in the United States, is known as a strict Bitcoin (BTC) investor. In a recent interview with Bloomberg, Powell made a rather ambitious statement about BTC. According to the famous CEO, the price of Bitcoin can reach $ 1 million over the next 10 years.
One of the factors driving corporate names to buy more Bitcoins is the coronavirus crisis and unlimited financial expansion. At moments when life stopped, the United States ‘ unlimited printing of money completely reduced confidence in the dollar. Investors have previously viewed Bitcoin as a “highly volatile exotic asset,” Powell said.
According to the famous CEO, the new supply, which amounts to trillions of dollars, has changed the situation for Bitcoin. Powell noted that Bicoin, which now has limited supply and is seen as a better value storage tool even compared to gold, is starting to attract interest.
BTC’s volatility will continue for a long time
Bitcoin’s volatility will continue, says Powell, as institutional investor:
The Kraken CEO thinks there will be some serious volatility between the $ 28,000 and $ 1 million price levels. According to Powell, the $ 1 million unit price can be achieved “over another decade.” Powell’s comments about the cryptocurrency ecosystem were not limited to Bitcoin. According to the famous name, ETH has a future as bright as BTC.
Ethereum and the ecosystem are growing
Powell actually thinks Bitcoin isn’t the only cryptocurrency that will grow. According to the famous name, the DeFi sector is “part of the ecosystem that grows and reaches a larger position over time”. Powell noted that the future is bright for Ethereum as well as for Bitcoin.