Cryptocurrency News

Kraken CEO believes Bitcoin Could Reach $1 Million In Future

Bitcoin continues to be the most successful cryptocurrency in the crypto market. With its fair share of critics, the cryptocurrency has also not been short of admirers who have high hopes in the digital assets. The adoption of cryptocurrency by many, including institutional investors, has also seen the digital asset rise’s fortunes rise. Many analysts have predicted that the cryptocurrency will likely hit $100,000 by December 2021. However, the CEO of Kraken, Jesse Powell, has raised the bar of the expectation of many in the cryptocurrency space, as the investor believes the cryptocurrency will eventually hit $1 million.

Powell believes Bitcoin will outrun Gold in the future

In an interview with the press, the crypto exchange executive took his time to discuss the fortunes of Bitcoin. The famous investor has joined the bandwagon of many who believe that Bitcoin will outperform Gold in the future, as he sees the asset up there alone in the future. The business executive believes that the performance of Bitcoin in the last 12 months suggests that the digital asset will surpass Gold in the future.

According to his prediction, if Bitcoin continues to follow through on the same part, the digital asset will likely be worth about $1 million in the next decade. Gold’s market cap is worth more than $10 trillion and is ten times bigger than that of Bitcoin, currently struggling at $1 trillion.

This is because the gold market, which is always compared to Bitcoin, is larger than the famous Bitcoin market. However, the interest of many investors is rapidly shifting towards cryptocurrency, especially Bitcoin. This belief has led many analysts and enthusiasts like Powell to believe that the digital asset market will likely outrun the Gold market in the future.

Bitcoin will likely replace other fiat currencies in the future

The Kraken CEO also took his time to discuss fiat currencies, many of whom face devaluation due to economic inflation. According to research last year, many investors flocked towards Bitcoin to maximize profits outside fiat currencies. Many institutional investors of Bitcoin have also committed their treasury reserves to the digital assets to make more profits outside the weak fiat currency.

Powell also believes that at a point, the dependence of the world on Bitcoin will be at a high. The CEO is one of the many people who have high hopes for cryptocurrency. Despite its price volatility, they feel like it will eventually become a world power asset that no fiat currency will measure with.

Ten years ago, one of the early Bitcoin developers and analysts, Hal Finney, predicted that the cryptocurrency would eventually hit $10 million in the future. However, Powell and Co’s expectations have contradicted that of critics who believe the asset will hit rock bottom in the future. However, while Bitcoin currently trades at $47,505 as at the time of writing, only the time will tell its future.

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