Bitcoin Remains Range-Bound But Kraken CEO says, $1 Million Price Target within the Next Decade is ‘Very Reasonable’
When measured in terms of dollars, Bitcoin is “going to infinity,” says Jesse Powell because more people will continue to pile into it.
The price of Bitcoin continues to fluctuate, as it remains in a consolidation phase, not ready to move yet after hitting a new all-time high at above $58,300, just ten days back.
In the short-term, as per the Reserve Risk indicator, the Bitcoin bull run looks to be still in the early stages. RR is currently having a reading of 0.008, while during the previous cycles, we didn’t peak until it went above 0.03.
Moreover, the total supply held by long-term holders continues to fall, currently under 11 million. Compared to previous bull cycle tops, it is not as steep.
“Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices,” explained Rafael Schultze-Kraft, Co-founder and CTO of Glassnode.
However, the leading digital currency has a lot more room to grow, per Jesse Powell, founder and Chief Executive Officer of cryptocurrency exchange Kraken.
“In the near term, people see it surpassing gold as a store of value. So I think a million dollars is a price target within the next 10 years, it's very reasonable,” said Powell in an interview with Bloomberg.
And when measured in terms of dollars, “it's going to infinity,” he added.
“I think people are increasingly looking to Bitcoin as a safe haven asset when the value of their “savings account” which is returning .001% a year which is not even making up for inflation or even close to it.”
The Kraken CEO, who is planning to take his company public but not this year, explains how the US dollar is only 50 years old, and it is already showing extreme signs of weakness. This means, soon people are gonna start measuring the price of things in terms of bitcoin.
With Bitcoin believers seeing it replacing all of the world's currency, believing that “it's going all the way to the moon to Mars and eventually it would be the world's currency.” That means BTC would be worth the combined market cap of the fiat currencies.
“I think we're just going to continue to see more people pile into it. The younger demographic is certainly taking notice of it. They see it as a better version of gold and something to protect them against all of this inflation that's happening.”