05 Mar 2021 Arjun Agarwal
Bitcoin May Reach $1 Million In The Next Ten Years, Kraken CEO States
Bitcoin’s rally since the start of 2021 has put a new hope for crypto enthusiasts in making the world’s first cryptocurrency to be “the world's currency”, as per claims of Kraken CEO Jesse Powell.
Powell noted in an interview for Bloomberg that national currencies are "already showing extreme signs of weakness," while customers would soon turn to Bitcoin as a universal measure for pricing.
"The true believers will tell you it's going all the way to the moon, to Mars, and eventually it'll be the world's currency," Powell noted.
Meanwhile, Kraken’s CEO stated that more and more people are shifting from gold to Bitcoin, as many young users are replacing fiat currencies with digital ones. Powell’s statement appears to be in line with Shark Tank star and American billionaire investor, Mark Cuban, who claimed gold is a dying store of value compared to emerging technologies like Bitcoin and Ethereum. Powell even went on a head-to-head battle with one of gold’s most-fierce proponents, Peter Schiff, noting that the “crypto today is just proof of concept”, adding that tech companies would continue to make advancements in the crypto space, as opposed to gold, which “won’t ever change,”
“I think a million dollars as a price target within the ten years is very reasonable… You’d measure it against whatever you’d [be] buying with it, such as planets or solar systems.” Powell stated.
Powell’s optimism seems to be backed by other enthusiasts like early Bitcoin user and developer Hal Finney, who predicted in 2011 that Bitcoin could reach and exceed the $10 million per BTC price point.
Meanwhile, another cool down period has taken over the crypto markets, pushing Bitcoin back below $50,000 to trade around $47,900 as of press time. The downwards push comes amid U.S. Federal Reserve Chair Jerome Powell expressed his concerns about the tightening financial conditions in the United States.
Powell’s concerns might be a signal for a more difficult COVID-19 monetary stimulus provision, while Bitcoin’s 66% year-to-date growth is increasingly becoming a hedge against inflation, caused by national banks printing out trillions of dollars.
Bitcoin traders felt Powell’s comments to be a sign that the Fed plans to push a new set of dovish actions. Crypto trader Alex Kruger noted that Powell “did not deliver” on the expectations.
“He basically repeated his usual dovish lines,” Kruger added.
The Bitcoin price decline also affected the prices of other cryptocurrencies, as Ethereum (ETH) fell below $1,500 to trade at $1,497.02 as of press time. On the other hand, Ripple (XRP) is up two percent to trade at a current price of $0.4668 per token. IOTA is one of the biggest gainers, with an almost 20% price increase, reaching $1,43 per token, while most of the top-50 coins and tokens are recording 2-7% price losses in the past 24 hours.
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