Kraken CEO: “Bitcoin price moves to infinity”

The CEO of cryptocurrency exchange Kraken said that the value of Bitcoin (BTC) will go to “eternity” and humanity will soon stop pricing cryptocurrencies in dollars.

Speaking to Bloomberg on March 4 Jesse Powell made positive statements about BTC, which exceeded $ 50,000 again the other day.

Powell: “Bitcoin could reach $ 1 million in ten years”

“Of course we can only speculate, but when we look in dollars, we see that it will go to eternity,” Powell told Bloomberg.

“This national currency is only 50 years old and is already showing signs of weakness. I think very soon people will price everything with Bitcoin.”

Powell commented on the dollar’s weakening on Wednesday, with sales in the macro market. The dollar’s weakening, on the other hand, had almost no effect on the bitcoin price. On the other hand, the US national debt exceeded $ 28 trillion for the first time in history.

Despite the inability of Bitcoin to hold on to $ 50,000, the bulls continue to see the situation positively.

“Those who believe in Bitcoin will see it replacing all currencies in the world. So whatever the total value of the euro, dollar, etc. currencies, Bitcoin will be worth that,” Powell explained.

“I think Bitcoin will replace gold as a store of value in the short term. So it seems logical to reach $ 1 million in the next ten years.”

Bitcoin closed February 26 percent above the level predicted by the stock flow price model. The model targets a minimum of $ 100k for the end of the year in BTC price.

Bitcoin stock flow chart as of March 3, 2021. Source: Digitalik

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