The CEO of San Francisco-based cryptocurrency trading platform Kraken, Jesse Powell, has revealed he believes the price of bitcoin could hit $1 million over the next 10 years, and in the long-term could \u201cgo to infinity.\u201d<\/p>\n
In an interview with Bloomberg, Powell argued that people see bitcoin surpass gold as a store of value in the near term, and as such he thinks \u201ca million dollars as a price target within the next 10 years is very reasonable.\u201d Over the long term, however, the CEO sees BTC going much higher, \u201cto infinity.\u201d<\/p>\n
https:\/\/youtube.com\/watch?v=d0D76WtMhx4%3Ffeature%3Doembed<\/p>\n
During the interview, Powell pointed out that fiat currencies are already showing signs of weakness, and people will start measuring prices in BTC instead of in fiat currency. The price of bitcoin has, over the last few days, struggling to remain above $50,000. It hit a new all-time high above $58,000 last month, but endured a correction that saw it drop to $43,000 before recovering.<\/p>\n
The drop is believed to be related to cautious comments from Gary Gensler\u2019s confirmation hearing for his appointment as chairman of the U.S. Securities and Exchange Commission. Gensler said ensuring cryptocurrency markets are free of fraud and manipulation is a challenge.<\/p>\n
Powell seemed unaffected by these price movements, arguing BTC will one day be the world\u2019s reserve currency. He said:<\/p>\n
I think true believers will tell you it\u2019s going all the way to the moon, to Mars, and eventually it\u2019ll be the world\u2019s currency.<\/p>\n
During the interview, Kraken\u2019s CEO defended BTC\u2019s performance as it has \u201coutperformed everything else in the universe\u201d over the last 10 years. He added he is a long-term holder as there is \u201cno reason to sell bitcoin.\u201d<\/p>\n
When asked about a recent funding round in which the company\u2019s valuation has risen to $10 billion. Responding to the funding round\u2019s valuation, Powell said he personally believes $10 billion is a \u201clow valuation\u201d and he would \u201cnot be interested in selling shares at that price.<\/p>\n
He also said Kraken is \u201ccertainly on track to go public.\u201d Per his words, it\u2019s cash flow positive and has a very strong balance sheet, and as such its only reason to raise funds could be to \u201caccelerate the pace of acquisitions.\u201d<\/p>\n
When asked when Kraken might go public, the CEO said it\u2019s something the firm is exploring. While it may not go public this year, it could \u201cpossibly\u201d go public next year. Rival cryptocurrency exchange Coinbase is set to go public in the near future via a direct listing.<\/p>\n
Featured image via Pixabay.<\/p>\n