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Kraken CEO forecasts 1 million USD bitcoin

But asks not to throw the last money in it

25.Mar.21 2:07 PM
By Abigail Richards


Kraken CEO forecasts 1 million USD bitcoin
The director of cryptocurrency exchange Kraken remains by his read: he believes that the price of bitcoin in the coming years could reach 1 million dollars thanks to monetary policy. This policy ensures that the supply of new dollars (and euros) remains consistently high.

Powell was a guest on the Podcast H3, and he spoke about the impact of bitcoin on the environment, and the role of cryptocurrency in the financial system. During the conversation, he said that the price of bitcoin could easily rise from 500,000 to 1 million dollars in the coming years. The question is whether that means that bitcoin becomes more valuable, or that this is because fiat currency becomes worthless.

Powell cites monetary policy where quantitative easing could lead to inflation or currency reduction.

"It's still early. I think so, I think bitcoin will easily be 500,000 dollars in the coming years. Look how much money is being printed. We can easily get a million dollars in bitcoin."

When asked if he would recommend investing in cryptocurrency, he said that the listeners of the podcast should at least float in it. 'By this he means that everyone has to put between 1% and 10% of their portfolio in cryptocurrency. However, he does not advise to invest money they need for life.

Don't gamble with your rent money, don't bet your food money on bitcoin, but if you have a portfolio of investments, you should definitely have some bitcoin.

When asked about the thousands of altcoins that were created, Powell compared the cryptocurrency market to the stock exchange and advised investors to stick to the biggest names as they would if they invested in shares.

Brand names like Apple, Google and Facebook are popular and safe to invest in, and he said the same applies to both bitcoin and ethereum. He also says that if you're not a full-time Wall Street analyst, and so much market knowledge, you don't have to gamble on a small, unknown stock. 'This also applies to low cap altcoins, which you have to buy based on the potential offered.

Powell added:

"Don't pay attention to all the new things that come out all the time. Stay with Bitcoin and Ether. If you want to be super safe, I think Bitcoin and Ether are super safe bets. Everything else, it gets more exotic and you get a higher return with more risk, but I wouldn't look at other things."

In a previous interview with CNN Powell said that bitcoin could be worth 1 million dollars within 10 years. During that same conversation he was even more ambitious, in the long run he sees bitcoin grow to Infinity.

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