Bitcoin Price Could Be $1 Million in Ten Years, Kraken CEO Says

As Bitcoin struggles to break the $50,000 psychological hurdle, the CEO of Kraken, a Bitcoin and cryptocurrency exchange, Jesse Powell has told Bloomberg that it is “pretty reasonable” that the coin will break a $1 million price tag in the next ten years.

The CEO made this known in an interview with Bloomberg on March 4. He noted that Bitcoin will be worth “infinity” and humanity will stop pricing the coin in US dollars.

At 11:30 GMT, the benchmark cryptocurrency was trading at $49,180. It lost 4.86% in the last 24 hours.

Powell told Bloomberg about the price trajectory of the coin:

Of course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think it’s going to infinity. This national currency’s only fifty years old, it’s already showing extreme signs of weakness, and pretty soon I think people are going to start measuring the price of things in Bitcoin.

He was commenting on the USD weakening alongside a macro market sell-off on Wednesday. An event that evidently had no effect on Bitcoin. At the same time, the national debt of the US surpassed $28 trillion for the first time in the history of the country.

Though Bitcoin has struggled lately to break the $50,000 support level, it’s apparent that bulls and large holders have continued to accumulate more of the coin. Recent data from CryptoQuant showed that whales have reduced selling their portfolio. A clear sign that there is an anticipation of a more upside future for the price of the coin.

Powell also shared this sentiment. He believes that, somehow, Bitcoin will replace all of the world’s currency. But in ten years, the coin will be at a $1 million price value.

The people that are believers in Bitcoin see… it’s going to replace all of the world’s currency, so that basically means whatever the market cap of the dollar is, the euro — all of that combined is what Bitcoin could be worth. I think in the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next ten years is pretty reasonable.

Bitcoin is eclipsing gold.

It’s clear that the king cryptocurrency is gradually eclipsing gold. Mark Cuban had earlier this week attacked SchiffGold.com’s CEO Peter Schiff. Gold, he told Schiff, “is dead.”

In Cuban’s argument against Schiff’s, he mentioned that gold is as hyped as Bitcoin. He said:

Gold is hyped as much as Crypto. Do we really need gold jewelry? Gold can make you a ring. BTC/Eth are technologies that can make you a banker, allow friction free exchange of value and are extensible into an unlimited range of biz and personal applications.

Dan Held, Kraken’s growth lead also shared similar sentiment. He noted in a recent tweet that “Bitcoin had been crushing golf since inception.”

It is more than clear that the market is moving towards the possibilities of the future of the cryptocurrency world. A bet on Bitcoin is a win.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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Published under: Bitcoin, Forecasts

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