The CEO of Kraken cryptocurrency exchange and bank, Jesse Powell sees that Bitcoin will hit $1 million within the next 10 years. According to him, the world’s reserve currency is only 50 years old and it’s already showing extreme signs of weakness. He made his remarks in reference to the U.S. Government continuing to print money, resulting in the possibility for the cryptocurrency to reach that infinite number.
‘Bitcoin Eventually Hitting $1 Million Within Next Decade
In a Bloomberg interview, Powell predicted that Bitcoin will eventually be the world’s currency, saying:
“I think $1 million as a price target within the next 10 years is very reasonable.”
According to Powell, Bitcoin is going to infinity, saying:
“Of course you know we can only speculate. But when you measure it in terms of dollars you have to think it’s Bitcoin going to infinity.”
He did point out that Bitcoin can move up or down 50% on any given day. For this sole reason, he suggested investing in the leading cryptocurrency from a long-term perspective.
He further told that reserve currencies were already showing extreme signs of weakness. At this time, people would soon start measuring the price of things in bitcoin.
Bitcoin Better Than Gold
Powell sees that people are increasingly looking to Bitcoin as a safe haven asset, something as a better version of gold, and protection against inflation, saying:
“People see it surpassing gold as a store of value. So, you know, I think a million dollars as a price target within the ten years is very reasonable.”
Powell sees that the believers of Bitcoin will see the asset replacing fiat currencies and the market capitalization of all national currencies combined. Hence, the cryptocurrency’s value would eventually reach infinity after inflation weakened fiat money and more people will turn to Bitcoin as a reliable source of investment.