Kraken CEO and co-founder Jesse Powell said he believes the price of Bitcoin is “going to infinity” when asked about his expectation by Bloomberg Technology’s Emily Chang. The CEO said, “Of course you know we can only speculate. But when you measure it in terms of dollars, you have to think it’s [Bitcoin] going to infinity.” The recent massive bullish rally of bitcoin has created a buzz around the cryptocurrency leading many to make ambitious predictions.

Kraken CEO believes bitcoin touching $1 million in the next ten years is reasonable.   

When asked to clarify his answer in terms of a numeric amount, Kraken CEO reiterated that true believers in Bitcoin expect it to replace all the world’s currency. “So that means basically whatever the market cap of the dollar is, the euro; all of that combined is what Bitcoin could be worth,” he explained. Powell further added that a $1 million price level in the next ten years was very reasonable. The latest massive winning rally of bitcoin has attracted major institutions as the crypto industry continues to gain mainstream exposure. 

“People are increasingly looking to Bitcoin as a safe haven asset.”

Kraken CEO said that the rate at which the U.S. continues to print money would be a factor in how soon BTC reaches his astronomical predictions. “I think people are increasingly looking to Bitcoin as a safe haven asset,” he said. “They see it as a better version of gold and something to protect them against all of this inflation that’s happening.” Powell singled out younger people in particular as taking notice of it. Powell is not the only one who has made such an ambitious prediction, earlier billionaire investor Tim Drape had made similar predictions about bitcoin. 

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