Kraken CEO Stands by His $200k Bitcoin Year-End Target; Clear Regulation Will ‘Open the Floodgates’
“The excitement around the space” is still hot; people just don’t have the vision of what's coming with crypto or Bitcoin, like with the internet, said Jesse Powell.
Cryptocurrency exchange Kraken CEO Jesse Powell, who sees Bitcoin going to a million dollars in the next decade and predicted the leading cryptocurrency to be worth a Lambo by the end of the year, is still sticking with his target despite the fact that BTC is trading under $37k.
“I stand by that,” said Powell in an interview with Bloomberg regarding his price prediction of $200,000 per BTC before 2021 is over.
“Look, you can buy a forward delivery of a Lambo now at a discount at a cheap $37,000. You know lots of people are buying the dip. Personally, I'm Googling how to sell my kidneys at this point. Turns out it's illegal. So much for my body, my choice. But look, people are getting ready to go on to ramen diets to buy bitcoin at these levels.”
With the Bitcoin conference happening in Miami right now,
“The excitement around the space is so hot. I think people just see this growing massively. So not worried about this little dip. You know we've seen this over and over. Crypto is a roller coaster. You got to be able to have an iron stomach to tolerate the ride. But you know the gains are massive for those who can handle it.”
While people absolutely should not be betting any more than they can afford to lose as it is still a very risky investment, Powell noted how, a decade back, Bitcoin was trading at a dollar. Now even at around $37k, it is still up over 200% year-over-year.
“So long term it's an absolutely fantastic investment from my point of view.”
Powell also commented on Elon Musk’s tweets having an impact on the prices of cryptos, saying, “It just goes to show that the power of means is real and that people are increasingly looking toward sort of non-traditional figures to get investment advice from” as people can’t trust those running the system now.
“I certainly wouldn't be making fundamental decisions about my investments from one person's tweets… once you have your kind of fundamental thesis I think that those things are much more subdued and you can just ride it out.”
And Powell’s fundamental thesis, given that we haven't had major regulatory action in the US but that Biden's FCC has indicated some sort of regulation is coming, is very bullish.
“I think clear regulation will actually open the floodgates. I don't see it as squashing Bitcoin by any means or the crypto ecosystem broadly. I think that there are a lot of huge players waiting on the sidelines, pension funds and other large investors that are just waiting for that stamp of approval.”
Super Hot Market
As for Kraken’s IPO after its competitor, Coinbase’s successful one this year, the exchange is looking at the second half of next year.
The company is in “preparation mode” right now. With momentum looking “weaker than expected for another recent crypto company direct listing,” the route to listing is yet to be decided.
But they are launching their mobile trading platform in the US after its success overseas amidst the “super hot market right now.”
According to Powell, people don’t get crypto yet. They don’t have the vision of what's coming with crypto, or Bitcoin would already be worth over a million dollars per coin.
“It's just sort of a reflection of the overall sentiment of the space and the lack of awareness about what's coming. I think it'll be just like it was with the Internet, like there'll be people that just don't get it until it's too late.”