Although bitcoin prices have fluctuated between $ 46,000 and $ 48,000 over the past three days, several proponents are still optimistic about the long-term value of the active crypto. On Thursday, Kraken CEO Jesse Powell said he believed bitcoin could easily reach a valuation of one million dollars per coin. “When you measure in terms of dollars, you have to think you are going to infinity,” insists Powell.
Bitcoin to infinity and beyond
Over the past few weeks, as bitcoin (BTC) prices have seen a climatic rise above $ 58,000, several crypto proponents and analysts think BTC could reach six digits in the dollar’s value. There have been many calls suggesting that BTC would reach $ 100,000 this year and even people who say it could reach $ 200 to $ 350,000 per unit.
After bitcoin reached a historical record (ATH) on February 19, 2021, on Thursday the CEO of cryptocurrency exchange Kraken told Bloomberg reporter Lynn Thomasson that he believes the main asset could reach $ 1 million someday.
Few people care about seven-digit BTC prices, but Jesse Powell, said the Kraken CEO; “We can only speculate, but when you measure in terms of dollars, you have to think that you are going to infinity.”
The founder of the San Francisco stock exchange said that “true believers” think that BTC could replace all global currencies. “True believers will say that it goes to the moon, to Mars and will eventually be the currency of the world,” Powell detailed in his recent interview.
Powell also revealed that Kraken is considering an initial public offering (IPO) next year, following in the footsteps of the popular crypto exchange that is also located in San Francisco, Coinbase.
Kraken Research: ‘Long-term trends show that we are still far from a large market cycle’
Kraken also published a February 2021 market review on Friday, which examines a number of important conclusions. Some of them are BTC’s logarithmic regression regression data, bitcoin price returns and volatility, along with other digital assets in cryptoeconomics.
“Historical price action shows that upward bitcoin market corrections typically return between 70-90%,” wrote Kraken researchers on Friday. “In examining long-term trends, our analysts conclude that we are still far from the top of a large market cycle.”
Powell is also optimistic about the steady increase in BTC and the value of major crypto assets against the US dollar. “[The U.S. dollar] he is only 50 years old and already shows extreme signs of weakness, and I think people will start to measure the price of things in terms of Bitcoin, ”concluded Powell of Kraken.
What do you think of the Kraken CEO’s prediction that BTC could reach $ 1 million per unit? Let us know what you think about this subject in the comments section below.
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