Jesse Powell, the CEO of the crypto exchange Kraken, is sure to be a bit of a Bitcoin bull. But he is predicting a very exciting future for Bitcoin that might challenge the minds of even hardcore Bitcoin fans.
During a Bloomberg interview, Powell claimed Bitcoin might get to $1 million within ten years, adding that backers of the currency believe it will eventually replace all major fiat money.
“I can only guess, but when I see it compared to US dollars, you have to wonder if it’s going to enormous levels,” he stated. “The real believers will say it is going to the moon and beyond to become the world’s top currency.”
High predictions are not new for crypto and Bitcoin especially, where investors are positioned to easily profit from influencing a larger group that crypto is heading “to the moon.”
Powell claimed Bitcoin believers see it exceeding the merged market cap of the dollar and euro.
The dollar “is just 50 years old and it’s showing signs of decay, and I believe people will being measuring price in terms of Bitcoin,” he said.
Bitcoin went down 3% in trading this Thursday, staying near $49,000. Since the beginning of 2020, prices have skyrocketed almost 600% thanks to larger mainstream usage, with bulls seeing it as an inflation hedge.
Critics say that Bitcoin is experiencing a stimulus-fueled bubble which will burst like the 2017 one did.
While the Kraken CEO did admit the possibility for wild volatility, saying prices can “go up or down by 50% on any day.” That type of instability has long been seen as one of the downsides of Bitcoin, putting the market into the area of speculation, rather than a means of exchanging money.
“If you are getting into Bitcoin, you should plan to stay in it for five years,” Powell said. “You must have strong belief to hold.”