Rajarshi Mitra
Independent Analyst
- Jesse Powell, Kraken CEO, said that while USD is headed towards inflation, Bitcoin is increasingly used as a hedge.
- He said that Bitcoin is on its way to reaching $100,000 in the next couple of years.
Jesse Powell, the CEO of Kraken, believes Bitcoin will soon shatter $100,000. In a recent interview with Bloomberg, Powell said that due to the Federal Reserve’s market manipulation, the USD is headed towards inflation and that Bitcoin is a hedge.
According to him, people migrate to Bitcoin and consider it a “safe haven” because of its finite, predictable supply. Powell said that he’s witnessing a massive diversity of new BTC traders flooding the market. Concerning Bitcoin's price, the CEO said he believes the leading crypto is presently at a “massive discount” and is on its way to reaching $100,000 in the next couple of years.
When asked about Bitcoin’s volatility and potential crypto market manipulation, Powell said that it’s not any worse than we’re witnessing in traditional markets.
When you’re talking about manipulation, if you look at the Fed buying junk bonds from failed United States corporations, it’s a joke. The market is manipulated.
They’re printing millions of dollars to pump up the value of publicly traded stocks. You can’t price anything in dollars anymore. The inflation is going to be out of control very soon here. Personally, I would be buying Bitcoin as a hedge against that inflation.
You can read our latest BTC/USD price analysis here.
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