Kraken’s Jesse Powell: Don’t Discount Bitcoin

Jesse Powell on Bitcoin: It’s Still Number One

Kraken’s Jesse Powell: Don’t Discount Bitcoin

Bitcoin isn’t doing too well as of late. The world’s largest digital currency by market cap has fallen from its November all-time high of approximately $68,000 per unit to the low $20K range at the time of writing, and it doesn’t look like it’s going to pick up steam anytime soon, but according to Jesse Powell – the CEO of crypto exchange Kraken – the asset shouldn’t be discounted, and he’s continuing to buy new units whenever he can.
Jesse Powell on Bitcoin: It’s Still Number One
At press time, there is a lot of hype surrounding assets like Ethereum, which is now finally set to undergo its “Merge.” This has been a long-talked about move that will cause Ethereum to switch from a proof of work (PoW) module to proof of stake. The maneuver is slated to make Ethereum much more cost effective. It will also make the currency faster and less harmful to the world’s atmosphere given how much worry there is about the damage crypto mining can allegedly do.
Throughout all this, it’s easy to discount bitcoin or forget about it completely, but Kraken CEO Powell says this is a terrible mistake. After all, bitcoin is the largest cryptocurrency in the world, and it was the initiator of what is now a new, trillion-dollar financial space. For these reasons, he says the currency should never be dismissed as a failing fad. He commented in a recent interview:
I bought bitcoin again at $18,000. I’m happy to ride it back up.
He says he’s still bullish about the coin, claiming its fundamentals are in a good place. He’s also confident that the price is going to surge before the end of the year – so much so, that someone will be able to buy a Bugatti (that’s a high-end luxury car) with a single unit.
While this kind of optimism is intriguing, one must take the words of Powell with a grain of salt given that the world’s primary digital currency is in a very poor position compared with where it was just under a year ago. The asset has lost a lot of traction and we have just under four months left before we say “hello” to 2023. For one to afford a Bugatti with a single bitcoin unit, the price of the asset would have to rise a great deal in a very short period, which doesn’t entirely seem possible at this point.
Maybe the Asset Will Move Up
However, Powell isn’t the only person who believes this could occur, with Daniel Kostecki – senior financial analyst at currency exchange platform Conotoxia – claiming:
The possibility of a correction in the short term cannot be dismissed, especially after the recent wave of strong gains.
While bitcoin has incurred a few small gains here and there, it seems to want to regularly fall back to around $23K.

Tags: bitcoin, Jesse Powell, kraken

Leave a Reply

Your email address will not be published.

New Brokers
2.8 rating
Buy & sell Crypto in minutes
3.0 rating
Note: Investing involves risks. You can lose your deposit. We advise you to only invest in financial products which match your knowledge and experience.
2.0 rating
Interactive Brokers attracts active traders with low per-share pricing, an advanced trading platform.
4.3 rating
eToro is the world’s leading social trading platform, with thousands of options for traders and investors.
AdonFinance
Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance