Bitcoin could reach $1 million in the next decade, Jesse Powell, CEO of crypto exchange platform Kraken, told Bloomberg yesterday.
“We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity,” Powell told Bloomberg in an interview. “The true believers will tell you that it’s going all the way to the moon, to Mars and eventually, will be the world’s currency.”
Powell said that the dollar, which “is only 50 years old,” is “already showing extreme signs of weakness, and I think pretty soon people are going to start measuring the price of things in terms of Bitcoin.”
“We won’t be measuring the price of Bitcoin in terms of dollars but in terms of what else you’ll be buying with it, probably planets in other solar systems,” he said.
Asked about putting a number on it, he told Bloomberg that Bitcoin believers see Bitcoin replacing all the world’s currencies. “In the near term people see it surpassing gold as a store of value. I think $1 million as a price target within the next 10 years is very reasonable,” he added.
Bitcoin was up over 400% year to date last week, Kraken tweeted.
CoinMarketCap valued the crypto at around $1 trillion last month, a huge milestone. Bitcoin has added more than $415 billion of value in 2021 alone, Bloomberg reports.
The interest in Bitcoin is quickly accelerating and going mainstream. Earlier this week, Goldman Sachs said it was restarting its cryptocurrency trading desk amid increased institutional interest in Bitcoin and the crypto’s meteoric ascent of late.
The bank will begin dealing Bitcoin futures and non-deliverable forwards for clients beginning next week, Reuters reported, citing a person familiar with the matter and adding that the team will sit within the bank’s global markets division.
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