While Bitcoin prices have risen between $ 46,000 and $ 48,000 in the past three days, some proponents are still optimistic about the long-term value of the crypto asset. On Thursday, Kraken CEO Jesse Powell said he believes Bitcoin could easily reach a million dollar valuation per coin. “If you measure it in dollars, you have to think that it is going to be infinite,” says Powell.
Bitcoin to infinity and beyond
In the past few weeks, as Bitcoin (BTC) prices saw climatic spike above $ 58,000, a number of crypto proponents and analysts suggested that BTC could hit six-digit USD levels. There have been plenty of calls indicating that BTC will hit $ 100,000 this year, and even people saying it could hit $ 200-350,000 per unit.
After Bitcoin hit an all-time high (ATH) on February 19, 2021, cryptocurrency exchange CEO Kraken told Bloomberg reporter Lynn Thomasson on Thursday that he believes the leading asset could one day make it to $ 1 million .
In 2011, Kraken founder Jesse Powell visited the offices of the Mt Gox bitcoin exchange after the Japanese company’s security breach in 2011. Powell told Bloomberg that he started working on Kraken to replace Mt Gox when he started the exchange ten years ago. In ten years’ time, Powell believes Bitcoin could sell for $ 1 million apiece.
Not too many people cite seven-digit BTC prices, but Jesse Powell, Krakens CEO, said; “We can only speculate, but when you measure it in dollars you have to think that it will be infinite.”
The founder of the San Francisco Exchange said that “true believers” believe that BTC can replace all global currencies. “The true believers will tell you it goes to the moon, to Mars and eventually world currency,” Powell said in his most recent interview.
Powell also announced that Kraken is considering an IPO next year following in the footsteps of the popular crypto exchange, also located in San Francisco, Coinbase.
Kraken Research: ‘Long-term trends show we are still a long way from a big market cycle’
Kraken also released a February 2021 market summary on Friday that covers a number of key insights. Some of these are BTC’s logarithmic regression retracement data, Bitcoin’s price returns and volatility, as well as other digital assets in the crypto-economy.
“Historical price movements show that corrections in the Bitcoin bull market typically decline between 70 and 90%,” Krakens researchers wrote on Friday. “When examining long-term trends, our analysts conclude that we are still a long way from a major market cycle.”
Powell is also bullish about the steady surge in BTC and the value of the leading crypto asset against the US dollar. “[The U.S. dollar] is only 50 years old and already showing extreme signs of weakness and I think people will start measuring the price of things in terms of Bitcoin, ”concluded Krakens Powell.
What do you think of Kraken CEO’s prediction that BTC could hit $ 1 million per unit? Let us know what you think on this matter in the comments section below.
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