Jesse Powell, the CEO of Kraken, has recently reaffirmed his belief that Bitcoin prices will eventually hit $1 million within the next few years. He based this prediction on the monetary policy regarding circulating fiat currency supply.
As of the time of this writing, Bitcoin remains the dominant crypto in the world today, and so it is easy to understand why someone like Powell would make the comments that he did.
Powell answers Bitcoin related questions
It was during the interview that had been conducted on the H3 podcast that Jesse Powell took it upon himself to answer some questions relating to Bitcoin. These ranged from Bitcoin’s role within the economic and financial system to its environmental impact to his personal views. In fact, Powell had also admitted in the interview that he had made a mistake earlier when he had decided to invest $100K into mining equipment, whereas he said he would have been better off if he had invested in Bitcoin directly instead.
Later on, Powell eventually stated that the Bitcoin price might very well increase to $1 million in the near future, and he based this on certain monetary policies that could ultimately lead to currency debasement and inflation. These monetary policies included but were not limited to quantitative easing.
‘People should ‘dabble’ in Bitcoin, but not at the expense of their personal well-being, says Powell
Powell did go on the record to state that although investing in Bitcoin is something that his followers and listeners of the podcast should certainly try, he did nevertheless exercise caution. Anywhere between 1% and 10% investment should be fine, according to him, but this should not come at the cost of someone’s personal well-being. Powell went on to say that you should definitely not invest your rent or food money in Bitcoin, but if you possess a portfolio of investments, then Bitcoin should certainly be included.
Moreover, Powell also shared his thoughts on the existence of altcoins, often comparing the world of cryptocurrency to that of the stock market. When asked about investing in altcoins, he advised potential investors to stick to Bitcoin and some of the other well-known and established cryptocurrencies.
In conclusion, Powell truly does believe that the price of Bitcoin may very well reach $1 million within the next ten years. When asked about the long term, he added that the price might even reach grander heights than that.