Jesse Powell stands as the CEO of Kraken, and it seems that he’s extremely bullish for Bitcoin. It’s Powell’s opinion that Bitcoin will soon breach the $100,000 mark. This was revealed through a recent interview with Bloomberg, where Powell explained that he is convinced that Bitcoin will be used to hedge against the USD as a reaction from the Federal Reserve’s market manipulation.
Another $100,000 Prediction
Powell is convinced that people will start to consider Bitcoin a “Safe Haven” due to its finite nature and the predictable influx of supply. Powell also claims that he was witnessing a large influx of new, diverse BTC traders into the markets at large. When it comes to the price of Bitcoin, the Kraken CEO stated that he is convinced that the world’s leading crypto stands at a current “massive discount” in terms of price. In the next couple of years, Powell is confident that BTC will attain the mythical $100,000 in value.
Powell was asked about the volatility of Bitcoin’s markets, as well, and the potential that the crypto market can be subject to manipulation. In response, he stated that it was just the same potential as traditional markets and that it shouldn’t be a cause of great concern.
Working Against A Manipulating Fed
He explained that the current market manipulation that the US is enacting, buying junk bonds from US-based corporations that had already failed, was nothing but a joke. He stated that the Fed was currently printing millions of USD in order to try and pump up the publicly-traded stocks’ values. As a result, Powell is convinced that you can’t price anything in USD, anymore, as the value isn’t stable. The CEO of a crypto exchange then promptly stated that he would use Bitcoin in order to leverage against inflation.
A Beast All Its Own
It should be noted, however, that Bitcoin behaves like gold in many respects, including the ongoing narrative that it’s a haven asset. It should be noted, however, that Bitcoin doesn’t fit the mold perfectly, due to its extremely volatile nature. Time and time again, Bitcoin had proven that it wasn’t the equivalent of digital gold, as well.
Bitcoin seems to operate with its own laws and reasons. Back in March, when the COVID-19 pandemic first started to rear its head through the world, Bitcoin operated relatively stable. This was before the dreaded “Black Thursday” when the entire crypto market halved itself in value altogether, Bitcoin included. In times of crisis, Bitcoin is among the first of the assets to fall in value, as the COVID-19 pandemic had shown. However, in recent times, the cryptocurrency has been behaving adequately, going through the paces with an actual semblance of stability. However long this will last is a whole other matter, entirely.