Jesse Powell, the CEO of popular cryptocurrency exchange Kraken, has stated that Bitcoin under $40K is a good buy, while also predicting that the dollar will fall to zero.
If the price of Bitcoin falls below $40,000, Kraken CEO Jesse Powell believes the current downward pressure will provide investors with another buying opportunity.
In an interview with Bloomberg TV, the Kraken CEO discussed the cryptocurrency market, reiterating his previous prediction that Bitcoin will reach $100,000 by the end of the year.
“But I think a lot of people see anything under $40,000 as a buying opportunity. I was personally buying when we dipped back to $30,000 a few months ago. A lot of people have some dry powder on the sidelines just waiting to come back in at rock-bottom prices.”
According to Jesse Powell, Bitcoin is expected to surpass $100,000 by the end of 2021. Despite his claim that there are still a few days left, at the press time price of $49,396, and given the current trend, a milestone as significant as the one promised is unlikely to occur.
Powell admitted that his previous predictions for Bitcoin may have been incorrect, but he added that it is difficult to predict what will happen next in the market. He does, however, believe that anyone thinking about investing in Bitcoin should consider it a “five-year plus investment.”
He also discussed Bitcoin’s volatile nature, claiming that it is more visible in shorter time frames, with its price swinging dramatically in a day or over a week. He believes that treating cryptocurrency as a “buy and hold” investment is the best approach.
“Bitcoin is something I think about as a long-term investment because it’s difficult to predict short-term price moves,” said Powell. “It’s a speculative asset in many ways, but you can’t help but be impressed by how far it has come and the amount of innovation that’s happening around it.”
While Powell remains optimistic about cryptocurrencies, particularly Bitcoin, he paints a bleak picture for the US dollar. With interest rates expected to fall and the dollar approaching “zero,” he believes investors should avoid holding their currencies in the greenback.
Powell addressed the decade-long uncertainty in the US regulatory regime as well as the sector’s lack of a proper set of regulations. As a result, several companies have relocated their headquarters to greener pastures, while others have remained on the sidelines, fearful of the consequences.
Powell also spoke about Kraken’s ambitions as the cryptocurrency industry grows in popularity, stating that the exchange wants to help combat misinformation that could harm new investors. To capitalise on the growing interest in the field, Kraken plans to launch a non-fungible token (NFT) platform.