Fun

$1 Million per BTC in 10 Years: ‘In Terms of Dollars Bitcoin Is Going to Infinity,’ Says Kraken CEO

News Feed - 2021-03-06 08:03:57

$1 Million per BTC in 10 Years: "In Terms of Dollars Bitcoin Is Going to Infinity," Says Kraken CEO


While bitcoin prices have been coasting along between $46k to $48k during the last three days a number of proponents are still bullish about the crypto asset’s long-term value. On Thursday, Kraken CEO Jesse Powell said that he thinks bitcoin could easily reach a million-dollar valuation per coin. “When you measure it in terms of dollars, you have to think it’s going to infinity,” Powell insists. Bitcoin to Infinity and Beyond


During the last few weeks as bitcoin (BTC) prices saw a climactic rise above the $58k handle a number of crypto proponents and analysts think BTC could region six-digits in USD value. There have been a lot of calls suggesting BTC will reach $100k this year and even people who say it could hit $200 to $350k per unit.


After bitcoin touched an all-time high (ATH) on February 19, 2021, on Thursday the CEO of the cryptocurrency exchange Kraken told Bloomberg reporter Lynn Thomasson that he believes the leading asset could make it to $1 million someday. In 2011, Kraken founder Jesse Powell visited the offices of the bitcoin exchange Mt Gox after the Japanese company’s 2011 security breach. Powell told Bloomberg that he started working on Kraken as a replacement for Mt Gox when he started the exchange ten years ago. Ten years from now, Powell thinks bitcoin could tap a $1 million per unit price tag.


Not too many people call seven-digit BTC prices but Jesse Powell, Kraken’s CEO said; “We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity.”


The founder of the San Francisco trading exchange said that “true believers” think BTC could replace all the global currencies. “The true believers will tell you that it’s going all the way to the moon, to Mars, and eventually, will be the world’s currency,” Powell detailed in his recent interview.


Powell also disclosed that the company Kraken is considering an initial public offering (IPO) next year following the footsteps of the popular crypto exchange that’s also located in San Francisco, Coinbase. Kraken Research: ‘Long-Term Trends Show We Are Still Far Away From a Major Market Cycle Top’


Kraken also published a February 2021 market recap on Friday, which looks at a number of key takeaways. A few of them being, BTC’s Logarithmic Regression Retracement data, bitcoin’s price returns, and volatility, alongside other digital assets in the crypto economy.


“Historic price action shows that bitcoin bull market corrections typically retrace between 70-90%,” Kraken’s researchers wrote on Friday. “When examining long-term trends, our analysts conclude we are still far away from a major market cycle top.”


Powell is also optimistic about BTC’s steady rise and the leading crypto asset’s value against the U.S. dollar. “[The U.S. dollar] is only 50 years old and it’s already showing extreme signs of weakness, and I think people will start measuring the price of things in terms of Bitcoin,” Kraken’s Powell concluded.


What do you think about the Kraken CEO’s prediction that BTC could reach a million dollars per unit? Let us know what you think about this subject in the comments section below. North America"s First Bitcoin ETF Now Holds Over 11,000 BTC MARKETS AND PRICES | 2 days ago JPMorgan Says Investors Can Put 1% of Their Portfolios in Bitcoin Despite Calling It a Poor Hedge MARKETS AND PRICES | 6 days ago Tags in this story $1 million, Bitcoin, Bitcoin (BTC), Coinbase, cycle top, Infinity, initial public offering, IPO, Jesse Powell, Kraken, Kraken CEO, kraken exchange, Kraken Research, Mt Gox, price predictions, Prices, San Francisco, San Francisco Exchange, Value, volatility


Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Devcon Shows Ethereum’s ‘World Computer’ Is a Movement, Not a Product
If there’s anywhere in the world where it feels right to believe in magic, it’s Devcon 5 in Osaka, Japan. The ethereum community faces a daunting task: scale its block
Biggest Movers: UNI Moves Into Top 20, as SHIB Hits Highest Point Since May
Biggest Movers: UNI Moves Into Top 20, as SHIB Hits Highest Point Since May Uniswap moved into the crypto top 20 on Wednesday, relegating MATIC, after surging by over 10% today. UN
XRPL blockchain plugs into cross-chain DeFi
Gareth Jenkinson14 hours agoXRPL blockchain plugs into cross-chain DeFiRipple helped build an ecosystem automated market maker protocol in close partnership with the XRP Ledger blockchain community.9556 Total views10 Tot
Donald Trump vows to end Joe Biden's 'war on crypto'
Ciaran Lyons3 hours agoDonald Trump vows to end Joe Biden"s "war on crypto"United States Presidential candidate Donald Trump reiterated his intention to take a more favorable stance towards cryptocurrency compared to the
Biggest Movers: XRP Climbs to 3-Week High, DOGE Nearly 10% Higher
Biggest Movers: XRP Climbs to 3-Week High, DOGE Nearly 10% Higher Xrp rallied to a three-week high on Friday, breaking out of a long-term resistance level in the process. The token
Bybit Halts US Dollar Deposits via Bank Transfer Due to Service ‘Outages’ From Partner
Bybit Halts US Dollar Deposits via Bank Transfer Due to Service "Outages" From Partner On March 4, 2023, cryptocurrency exchange Bybit announced that it had suspended U.S. dollar d
South Korea Seizes $184 Million in Crypto Assets From Alleged Tax Dodgers, Reports Reveal
South Korea Seizes $184 Million in Crypto Assets From Alleged Tax Dodgers, Reports Reveal The government in South Korea has seized cryptocurrency worth around $184 million in two y
Matt Furie Adds to 2016 NFT Card Collection — ‘Rare Pepe Directory Is Complete,’ Says NFT Wallet Creator
Matt Furie Adds to 2016 NFT Card Collection — "Rare Pepe Directory Is Complete," Says NFT Wallet Creator About five years ago, Bitcoin.com News reported on the notorious Pepe the
Kraken-CertiK saga turns murky as part of exploited funds go ‘missing’
Prashant Jha5 hours agoKraken-CertiK saga turns murky as part of exploited funds go ‘missing’Kraken is planning to take legal action against security firm CertiK as the “white hat” operation by the security firm
Biggest Movers: DASH, CVX and ALGO Lead Monday’s Gainers, APE Falls Further
Biggest Movers: DASH, CVX and ALGO Lead Monday"s Gainers, APE Falls Further CVX was the biggest crypto gainer to start the week, as both DASH and ALGO also climbed higher. Despite
Crypto Exchange Binance Explains Its ‘Rare’ Dogecoin Issue — Resumes DOGE Withdrawals
Crypto Exchange Binance Explains Its "Rare" Dogecoin Issue — Resumes DOGE Withdrawals Cryptocurrency exchange Binance has explained its dogecoin issue which resulted in withdrawa
Dogecoin Price Roadmap To $0.75 ATH: Why The Next Wave Is Bearish And Could Drop To $0.15
Este artículo también está disponible en español. Crypto analyst Behdark has provided an in-depth analysis of the Dogecoin price roadmap to its current all-time high (ATH