Kraken chief executive Jesse Powell thinks Bitcoin is on its way to shattering $100,000.
In a new interview with Bloomberg, Powell, who founded the San Francisco-based cryptocurrency exchange in 2011, says he believes the US dollar is heading towards inflation due to the Federal Reserve’s manipulation of the market. He views Bitcoin as a hedge.
“People are flocking to it as a safe haven because of that finite, predictable supply. We’re not going to mine an asteroid of Bitcoin any time soon. No one can print Bitcoin, so it’s very predictable and people are flocking to it for that reason.”
The CEO also says he’s seeing a huge diversity of new Bitcoin traders flooding the market.
“In the past three months we’re seeing a massive influx of new accounts from all personas, so we’re seeing hedge funds, we’re seeing wealth managers, we’re seeing retail investors, we’re seeing day traders. Everyone is signing up for it.”
As for the price of BTC, Powell told a recent roundtable hosted by Pantera that he believes the top crypto is currently at a “massive discount” and on a path toward at least $100,000 over the next two years.
When asked about Bitcoin’s notorious volatility and potential crypto market manipulation, Powell says it’s no worse than what’s happening in traditional markets.
“When you’re talking about manipulation, if you look at the Fed buying junk bonds from failed United States corporations, it’s a joke. The market is manipulated.
They’re printing millions of dollars to pump up the value of publicly traded stocks. You can’t price anything in dollars anymore. The inflation is going to be out of control very soon here. Personally, I would be buying Bitcoin as a hedge against that inflation.”