Kraken CEO on the Potential for Bitcoin's Price to Reach $1 Trillion

Monday 01 June 2020, 8:23 PM AEST - 3 months ago

Recently, crypto-focused investment firm Pantera Capital held a conference call (about Bitcoin's third halving), during which Jesse Powell, Co-Founder and CEO of crypto exchange Kraken, talked about Bitcoin.

Regarding the long term potential for the Bitcoin price, Powell said::

"Most people have heard about Bitcoin, but they dont own any Bitcoin. They dont know what the future of Bitcoin is. I think if everyone knew about Bitcoin and the potential of Bitcoin and how great it was, the price would be like a trillion dollars a Bitcoin. We would all just be switched over to Bitcoin and not be using anything else…"

"I think that theres a lot thats not priced in, even though its predictable, like what the future is."

"Ten years down the road, the US dollar is going to continue to be printed like crazy. Its going to be totally worthless. No one is going to want it. Everyone is going to want Bitcoin. But thats not priced in because of perceived risks or perceived uncertainty about the future, about regulation, about how does the government respond in different situations as Bitcoin continues to develop, or how useful does it actually become.

As for the medium term future, Powell expects the Bitcoin price to reach $100,000 within the next two years:

I believe that were in a completely unprecedented time in terms of the global political and economic systems. I believe that this is going to continue to drive a pretty massive shift into digital currency. I think the next couple of years well likely see 1 BTC exceed $100,000…

"Just anecdotally, in the last two months, weve seen a huge surge in new accounts, from institutions. I think, again, I mentioned it earlier, something thats preventing more institutions from getting in is just the uncertainty around the regulatory situation.

"I think many are in a wait and see mode, many maybe trying to have their mandates changed to allow them to invest in these asset classes. But I do think its coming. I think that more LPs are going to demand that their GPs invest in crypto. I think its going ...

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