James Atkins
Editor
Editor
Bitcoin has come a long way since it was first created. And it has become a more mainstream currency, says Kraken CEO Jesse Powell. “I would never bet against Bitcoin, “I think it’s here to stay. I think it’s going to be around for a long time.” Powell says.
Jesse Powell, CEO of Kraken, believes Bitcoin (BTC) is still a buy. Given his love for Bugattis and one BTC, he would still buy a Bugatti with it. He wouldn’t gamble against the major cryptocurrency, he says in a recent “Bloomberg Crypto” interview.
“The US Treasury’s actions against crypto mixing platform Tornado Cash are unconstitutional, knee-jerk and a blatant overreaction to recent market fluctuations,” Powell states.
According to him, there will be a constitutional challenge to the sanctions. Bitcoin, he claims, is “resistant” to such measures.
Powell bought his first Bitcoin in 2011 when it was trading below $10 and has been involved in the space ever since. He is now a billionaire thanks to Kraken, which he co-founded in 2013. The exchange is the fourth largest by daily trading volume.
Kraken is also one of the few exchanges that offer Bitcoin to fiat options in all major currencies. In 2020, the exchange added Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) to its list of supported assets.
By the end of 2021, Bitcoin’s price had rebounded so that one BTC could buy a Lamborghini. As predicted by Powell in an interview with Bloomberg.
This realization of the popular Crypto Twitter saying “when Lambo” got everybody excited for what lies ahead at the end of 2022: one bitcoin per Bugatti!
Bitcoin had already broken through the $69,000 mark in November 2021 before closing the year at around $46,000. The foremost cryptocurrency crashed to $17,600 in June and presently trades below $23,680.00 after another decline at the $25k level.
Despite this, Powell thinks it’s still possible for Bitcoin to rebound and the Lambo and Bugatti dream to come true. However, he does not want to get his hopes up too high, especially after what unfolded in 2022.
“I didn’t anticipate the dramatic swings in the macro environment,” He clarifies, that this does not indicate he is bearish.
“I’m still very optimistic. I invested in Bitcoin again at $18,000, so I’m ecstatic to watch it climb even higher. In the long run, I’m still very confident. You see, the essentials keep getting better, so I would never advise against Bitcoin.” he explains.
Powell’s comments come as the crypto space continues to navigate a tumultuous period. Bitcoin, the world’s largest digital asset by market capitalisation, is up close to 60% from its 2020 lows of $3,858.
Kraken CEO Jesse Powell is one of the Bitcoin industry’s longest-serving executives. And he has been a vocal supporter of the leading cryptocurrency since its early days. Powell has been at the helm of Kraken since 2011 and has steered the company through various Bitcoin booms and busts.
In an interview with Bloomberg Television on Tuesday, Powell said that Bitcoin’s recent rally has been driven by two main factors.
The first is increased institutional interest in Bitcoin, Powell said, adding that bigger investors are coming into the market. And that they are buying Bitcoin for both its store of value properties and as a hedge against inflation.
Do you think Powell is correct? Let us know your thoughts in the comment section!
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
