While bitcoin prices have been coasting along between $46k to $48k during the last three days a number of proponents are still bullish about the crypto assetâ€™s long-term value. On Thursday, Kraken CEO Jesse Powell said that he thinks bitcoin could easily reach a million-dollar valuation per coin. â€œWhen you measure it in terms of dollars, you have to think itâ€™s going to infinity,â€ Powell insists.
Bitcoin to Infinity and Beyond
During the last few weeks as bitcoin (BTC) prices saw a climactic rise above the $58k handle a number of crypto proponents and analysts think BTC could region six-digits in USD value. There have been a lot of calls suggesting BTC will reach $100k this year and even people who say it could hit $200 to $350k per unit.
After bitcoin touched an all-time high (ATH) on February 19, 2021, on Thursday the CEO of the cryptocurrency exchange Kraken told Bloomberg reporter Lynn Thomasson that he believes the leading asset could make it to $1 million someday.
Not too many people call seven-digit BTC prices but Jesse Powell, Krakenâ€™s CEO said; â€œWe can only speculate, but when you measure it in terms of dollars, you have to think itâ€™s going to infinity.â€
The founder of the San Francisco trading exchange said that â€œtrue believersâ€ think BTC could replace all the global currencies. â€œThe true believers will tell you that itâ€™s going all the way to the moon, to Mars, and eventually, will be the worldâ€™s currency,â€ Powell detailed in his recent interview.
Powell also disclosed that the company Kraken is considering an initial public offering (IPO) next year following the footsteps of the popular crypto exchange thatâ€™s also located in San Francisco, Coinbase.
Kraken Research: â€˜Long-Term Trends Show We Are Still Far Away From a Major Market Cycle Topâ€™
Kraken also published a February 2021 market recap on Friday, which looks at a number of key takeaways. A few of them being, BTCâ€™s Logarithmic Regression Retracement data, bitcoinâ€™s price returns, and volatility, alongside other digital assets in the crypto economy.
â€œHistoric price action shows that bitcoin bull market corrections typically retrace between 70-90%,â€ Krakenâ€™s researchers wrote on Friday. â€œWhen examining long-term trends, our analysts conclude we are still far away from a major market cycle top.â€
Powell is also optimistic about BTCâ€™s steady rise and the leading crypto assetâ€™s value against the U.S. dollar. â€œ[The U.S. dollar] is only 50 years old and itâ€™s already showing extreme signs of weakness, and I think people will start measuring the price of things in terms of Bitcoin,â€ Krakenâ€™s Powell concluded.
What do you think about the Kraken CEOâ€™s prediction that BTC could reach a million dollars per unit? Let us know what you think about this subject in the comments section below.
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