That true Bitcoin fans get euphoric when talking about their favorite cryptocurrency is nothing new. But now Jesse Powell has taken it to the extreme. The Kraken boss believes that one day it will be possible to buy entire planets with Bitcoin.
- Kraken boss with euphoric outlook
- Bitcoin to replace gold
- Bitcoin price can climb to infinity
After an impressive flight of fancy, Bitcoin climbed above the $60,000 mark for the first time in March. The oldest and also by far the largest cryptocurrency now already has a market capitalization of over one trillion US dollars. But if Jesse Powell, CEO of the US-based cryptocurrency exchange Kraken, is to be believed, this is just the beginning. Along with Binance (get a discount here), Kraken (see website here) is one of the most famous exchanges.
Bitcoin interim target: US$1 million
It’s a pretty disruptive picture of the future that Powell paints in a “Bloomberg” interview. Asked about the prospects for Bitcoin, he replied, “In the short term, it will replace gold as the leading store of value. I therefore consider a price target of one million US dollars within the next ten years to be quite realistic.”
The development would also be strongly linked to the extent to which national monetary authorities print money. This would fuel people’s fears of inflation, which in turn would mean that the non-inflationary Bitcoin would be in high demand as a “safe haven”.
That Bitcoin could succeed in replacing gold as the leading store of value is an opinion widely held in the crypto community. But for Jesse Powell, even this is only a staging post.
World currency Bitcoin
“For the people who really believe in Bitcoin, it’s clear that it’s going to go all the way to the moon and Mars and eventually become the currency of the world.” According to Powell, this means that Bitcoin will eventually reach a value equal to the combined value of the U.S. dollar, the euro and all other national currencies combined.
He reasons, “Our national currency is only fifty years old and already it’s showing extreme weakness. That’s why I think people will move to measuring the value of goods and services in Bitcoin instead.”
Bitcoin price “infinite”
As the Kraken CEO further explained, he expects Bitcoin to be worth “infinity” at some point. “We can only speculate, but measured in U.S. dollars, we have to assume that Bitcoin will climb to infinity,” Powell said. “At some point, we will no longer value Bitcoin in terms of US dollars, but in terms of what else you can buy with it, probably planets in other solar systems,” is the Bitcoin enthusiast’s visionary outlook.