As head of the cryptocurrency exchange Kraken, Jesse Powell should be optimistic about bitcoin. Nevertheless, it foresees a future that excites the imagination of even the most ardent fans of cryptocurrency.
In an interview on Bloomberg TV, Powell predicted that bitcoin could reach $1 million over the next decade, adding that his supporters believe it will eventually replace all major major currencies.
“We can only make assumptions, but when you count it in dollar terms, it shows that it will survive to infinity,” he said. “Its faithful followers will tell you that it will be launched to the moon, then to Mars, and eventually become the currency of the world.”
Extreme predictions are not a new phenomenon in the world of bitcoin, where its followers try to make a profit by convincing the general public that the cryptocurrency is a reliable asset and not a speculative fad.
The dollar remains the global reserve currency and the benchmark for global trade – although its value has retreated in the past year.
Bitcoin’s “bulls” predict that one day it will surpass the total capitalization of the dollar, euro, and other currencies, according to Powell.
”The dollar is only 50 years old and is already showing serious signs of weakness, and I think people will start measuring the value of things in bitcoin terms,” he said.
The digital currency is moving close to $49,000. Its price has soared by almost 600% since the start of 2020 amid the wider acceptance it enjoys.
Kraken benefits from higher prices as it receives commissions from increased transactions.
Here’s the full interview