The CEO of the U.S.-based crypto exchange Kraken says he believes Bitcoin’s price is on the brink of a new long-term rally at $ 100,000.
In a new conference call hosted by Pantera, Jesse Powell says the masses still don’t understand the importance of Bitcoin scarcity and its independence from banks and middlemen. He expects that to change in the coming decade if and when the dollar’s value declines.
I don’t think Bitcoin is priced into Bitcoin at all. Most people have heard of Bitcoin, but they don’t have Bitcoin. You don’t know what the future of Bitcoin is. I think if everyone knew about Bitcoin and the potential of Bitcoin and how great it is, the price would be $ 1 trillion per Bitcoin. We would all just switch to Bitcoin and use nothing else …
I think that much is not priced in, even if it is predictable, such as the future. Ten years later, the US dollar will continue to be printed like crazy. It will be completely worthless. Nobody will want him. Everyone will want Bitcoin. But that’s not priced in because of the perceived risks or uncertainty about the future, about regulation, about how the government responds in different situations as Bitcoin evolves or how useful it actually becomes.
Also read: Ethereum course at the beginning of a price rally of 90% or more in the next 2 months? Traders keep prices above $ 700 possible until year end
Bitcoin price will rise to $ 100,000 in 2 years
Kraken is already witnessing an explosion in institutional trade. According to Powell, the Bitcoin price is likely to hit $ 100,000 in about two years.
I believe that we are in an unprecedented time in terms of global political and economic systems. I believe that this will continue to drive a fairly massive shift to digital currency. I think we’ll probably see 1 BTC over $ 100,000 in the next few years …
According to the CEO, Kraken has seen a huge surge in new institutional accounts over the past two months. He thinks the only reason that other institutions are not entering the market much faster is because of the uncertainty about the regulatory situation.
Returns are just so difficult to ignore. It seems irresponsible not to have crypto in your portfolio.
Despite his optimism, Powell says cash is king right now, which is a significant factor in the current macroeconomic climate working against Bitcoin.
At a time like this, with so much uncertainty, I think people look at what they know, namely cash. I have to pay my rent in cash. I have to buy my food and toilet paper with cash.
According to him, people are not looking for a volatile asset, even if it is a good investment in the long run. People tend to think at very short notice at the moment and that’s a fact that, in his opinion, speaks against Bitcoin and a rapidly increasing Bitcoin course.
Also read: Bitcoin Price Analysis: Does the BTC price first need to drop to $ 6,600 before it can rise to $ 15,000 and beyond?
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