Jesse Powell: $ 1 million for bitcoin is quite a reasonable price

Get real time updates directly on you device, subscribe now.

The founder and CEO of the Kraken cryptocurrency exchange, Jesse Powell, believes that Bitcoin has almost limitless potential for growth in dollar terms, and there is no reason for investors to sell it now.

 

“I think a lot of people just want to buy on a pullback. Of course, we can only speculate, but if we evaluate it against the dollar, we should assume that it tends to infinity. If you buy bitcoin out of speculative expectations, you should aim to hold it for more than five years, ”Powell told Bloomberg on Wednesday.

 

He admitted that cryptocurrency could become the preferred vehicle for capital accumulation in the near future.

 

“I think it will surpass gold as a store of value in the short term. In that case, a million dollars as a price point for the next ten years is quite reasonable, ”Powell said.

 

The CEO of Kraken also suggested that soon prices will be set in bitcoin, and in the more distant future it will be possible to buy the planet or the solar system with it.

Commenting on the outlook for the exchange itself, Powell admitted that Kraken may enter the stock market next year, but noted that “this is not guaranteed.”

 

“We are targeting an estimate of $ 10 billion at the lower bound. I’m not interested in issuing shares at this price, ”he said, adding that Kraken does not need to raise additional capital to accelerate growth.

 

The estimated capitalization of the competing exchange Coinbase shortly before that was estimated at more than $ 100 billion.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.