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Kraken CEO expects Bitcoin to reach $1 million

Photo of: Joseph Stone
by Joseph Stone

How high can the value of Bitcoin go? Analysts are torn between optimism and great optimism. The head of the Kraken exchange estimates that in the next 10 years, the BTC can claim a price of one million dollars.

Bitcoin has been alternating high and low in recent days, a sign of a certain volatility. Nevertheless, crypto analysts are relatively optimistic about the growth potential of cryptocurrencies.

All of them anticipate growth. They differ, however, on the extent of the increase, which could be as much as double. But these forecasts mainly concern the value of crypto-actives over the next few months.

The CEO of the Kraken exchange, Jesse Powell, sees further. In an interview with Bloomberg, the CEO ventures to anticipate the price of Bitcoin in several years. And to say the least, Powell expects a dizzying rise.

“People see it supplanting gold as a store of value. So, you know, I think a million dollars as a target price within ten years is very reasonable,” says the crypto exchange boss.

And it’s precisely because of its superiority over gold that the BTC can expect such a valuation over the next decade. In fact, for Jesse Powell, Bitcoin is simply a “better version of gold”.

In a recent note, Fidelity Director Jurrien Timmer also highlighted the advantages of cryptocurrencies over gold. According to Timmer, the BTC would have a serious advantage: “Bitcoin’s supply, by design, is limited. »

The expert on digital assets therefore believes “that bitcoin will, over time, take more market share from gold. “And in the current monetary context, investors have every interest in favoring reserves of value rather than bonds.

His conclusion: “The Bitcoin question is perhaps no longer ‘if’ but ‘how much'”. For the Kraken boss, however, substituting gold is not the only prospect for Bitcoin. He considers that it could also replace fiat currencies.

In such a scenario, its value would eventually reach “infinity”. This, however, is nowadays science fiction. This perspective of a substitution of currencies is also considered by the Citi bank.

The uncertainties are numerous nevertheless. Analysts believe that Bitcoin is today at a “tipping point”. In addition, for Citi, “a host of risks and obstacles stand in the way of Bitcoin’s progress. »