While bitcoin prices have hovered between $ 46k and $ 48k for the past three days, several advocates are still bullish on the long-term value of the crypto asset. On Thursday, Kraken CEO Jesse Powell said he believes Bitcoin could easily reach a valuation of $ 1 million per coin. “When you measure it in dollar terms, you have to think it goes to infinity,” insists Powell.
Bitcoin to infinity and beyond
Over the past few weeks, when bitcoin (BTC) prices saw a climatic rise above $ 58k, various cryptocurrency advocates and analysts think that BTC could register six digits in value in USD. There have been many calls suggesting that BTC will hit $ 100k this year and even people saying it could go as high as $ 200 to $ 350k per unit.
After Bitcoin hit an all-time high (ATH) on February 19, 2021, on Thursday, the CEO of cryptocurrency exchange Kraken told Bloomberg reporter Lynn Thomasson that he believes the leading asset could hit $ 1 million some. day.
Not many people ask for seven-digit BTC prices, but Jesse Powell, CEO of Kraken, said; “We can only speculate, but when you measure it in dollar terms, you have to think that it goes 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 tell you that it will reach the Moon, Mars and, eventually, it will be the currency of the world,” Powell explained in his recent interview.
Powell also revealed that the Kraken company is considering an initial public offering (IPO) next year following in the footsteps of the popular San Francisco-based crypto exchange Coinbase.
Kraken Research: ‘Long-term trends show we are still a long way from a major upper market cycle’
Kraken also released a February 2021 market summary on Friday, which discusses a number of key takeaways. Some of them are BTC’s logarithmic regression retracement data, bitcoin price returns, and volatility, along with other digital assets in the crypto economy.
“Historical price action shows that bitcoin bull market corrections typically recede by 70-90%,” Kraken researchers wrote on Friday. “Looking at long-term trends, our analysts conclude that we are still a long way from a major upper market cycle.”
Powell is also bullish on the steady rise of BTC and the value of the main crypto asset against the US dollar. “[The U.S. dollar] It is only 50 years old and already showing extreme signs of weakness, and I think people will start to measure the price of things in terms of Bitcoin, “concluded Kraken’s Powell.
What do you think of the Kraken CEO’s prediction that BTC could hit $ 1 million per unit? Let us know what you think on this topic in the comment section below.
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