The CEO of Kraken Exchange, Jesse Powell, thinks that bitcoin can easily reach the price of 1 Million USD in ten years.
Jesse Powell is among the leaders of the crypto industry. His opinion is sought after in financial circles. In an interview with Bloomberg on March 4th, Powell conveyed high hopes for bitcoin.
“We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity,…I think $1 million as a price target within the next 10 years is very reasonable.”
He said that soon people will be measuring the value of things in bitcoin. Besides, the fiat currency is already showing “signs of weakness“. Moreover, true believers of bitcoin think that the currency is going to the moon.
Powell conceded that Bitcoin is speculative currency at the moment. It moves up or down by “50% on any given day“. In this situation, investors must be able to commit to holding it for five years.
Jesse Powell’s Kraken Exchange is both a crypto trading platform and a crypto bank. In September last year, Kraken got a bank charter from the Wyoming Division of Banking. Resultantly, the company has become the first-ever pure cryptocurrency bank in the world.
Bitcoin Adoption Is At ‘Tipping Point’:
The statement of Jesse Powell has come at a point when cryptocurrency is on the verge of either mainstreaming or turning into a “speculative Implosion“. A report by Citi suggested that bitcoin’s adoption is astonishingly fast at the moment. This has led crypto to a ‘tipping point‘.
The report reached the following conclusion,
“Bitcoin’s global reach and neutrality could spur it to become the currency of choice for international trade.”
Recently some big names from the retail industry have acquired bitcoin. The total market cap of cryptocurrency has crossed 1 trillion USD. Researchers think that BTC is an evolving ‘North Star‘.