Kraken CEO: Bitcoin (BTC) Would Be Worth $1,000,000,000,000 If the Masses Knew the Power of Cryptocurrency – The Daily Hodl

The CEO of the US-based crypto exchange Kraken says he believes Bitcoin is on the cusp of a new long-term rally to $100,000.

In new a conference call hosted by Pantera, Jesse Powell says the masses dont yet understand the importance of Bitcoins scarcity and independence from banks and middlemen. He expects that to change in the decade ahead, if and when the value of the dollar dwindles.

I dont think Bitcoin is even priced into Bitcoin. Most people have heard about Bitcoin but they dont own any Bitcoin. They dont know what the future of Bitcoin is. I think if everyone knew about Bitcoin and the potential of Bitcoin and how great it was, the price would be a trillion dollars a Bitcoin. We would all just be switched over to Bitcoin and not be using anything else

I think that theres a lot thats not priced in, even though its predictable, like what the future is. Ten years down the road, the US dollar is going to continue to be printed like crazy. Its going to be totally worthless. No one is going to want it. Everyone is going to want Bitcoin. But thats not priced in because of perceived risks or perceived uncertainty about the future, about regulation, about how does the government respond in different situations as Bitcoin continues to develop, or how useful does it actually become?

Kraken is already witnessing an explosion of institutional trading. According to Powell, BTC will likely hit $100,000 in about two years.

I believe that were in a completely unprecedented time in terms of the global political and economic systems. I believe that this is going to continue to drive a pretty massive shift into digital currency. I think the next couple of years well likely see 1 BTC exceed $100,000

Just anecdotally, in the last two months, weve seen a huge surge in new accounts, from institutions. I think, again, I mentioned it earlier, something thats preventing more institutions from getting in is just the uncertainty around the regulatory situation.

I think many are in a wait and see mode, many maybe trying to have their mandates changed to allow them to invest in these asset classes. But I do think its coming. I think that more LPs are going to demand that their GPs invest in crypto. I think its going to come from the bottom up. The returns are just so hard to ignore. It seems irresponsible not to have crypto be a piece of your portfolio.

Despite his optimism, Powell says that right now, cash remains king, which is a significant factor working against Bitcoin in the current macro economic climate.

In a time like this, with so much uncertainty, I think people are looking to what they know, which is cash. Ive got to pay my rent in cash. Ive got to buy my food and my toilet paper with cash.

Theyre not looking to hold a volatile asset, however a good investment it might be in the long term. People are thinking very short-term right now. I think thats one thing working against Bitcoin.

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Kraken CEO: Bitcoin (BTC) Would Be Worth $1,000,000,000,000 If the Masses Knew the Power of Cryptocurrency - The Daily Hodl