As head of the Kraken cryptocurrency exchange, Jesse Powell should be optimistic about bitcoin. Nevertheless, it predicts a future that sparks the imagination of even the most ardent followers of cryptocurrency.
In an interview with Bloomberg television, Powell predicted that bitcoin could reach $1 million over the next decade, adding that his supporters believe it will eventually replace all major currencies.
“We can only make assumptions, but when you count it in dollar terms, it shows that it will survive to infinity,” he said. “Faithful followers will tell you that it will be launched on the moon, then on Mars and eventually become the currency of the world.”
Separately, the CEO of Kraken, based in San Francisco, said that the exchange will go public, most likely next year.
Extreme forecasting is not a new phenomenon in the world of bitcoin, where its followers try to make a profit by convincing the general public that cryptocurrency is a reliable asset and not a speculative mania. The dollar remains the world reserve currency and the benchmark for world trade, although its value has fallen over the past year.
The bitcoin “bulls” predict that one day they will surpass the total capitalisation of the dollar, euro and other currencies, according to Powell.
The dollar “is only 50 years old and is already showing serious signs of weakness, and I believe that people will start measuring the value of things in bitcoin terms,” he said.
The digital currency fell 3% on Thursday, hovering close to $49,000. Its price has skyrocketed by almost 600% since the beginning of 2020 amid the wider acceptance it enjoys.
Kraken benefits from higher prices as it receives commissions from increased transactions.
