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In the face of the threat of a falling dollar, Jesse Powell – CEO of Kraken exchange – believes Lamborghini and Bugattis could be a better barometer of Bitcoin’s future value.
Appearing on Bloomberg, Kraken CEO Jesse Powell explains why he believes that long-term dollar-based price predictions for Bitcoin are a mistake, underlining the inflationary nature of fiat currency.
In response to a question about year-end price predictions, Kraken’s CEO said:
I think I said Bitcoin would go up indefinitely, and that would be confusing if we were measuring them in dollars.
Offer alternative measures to price Bitcoin, speculates Powell value of Bitcoin could increase from the current ‘price’ to ‘1 Bitcoin for a Lambo’ at the end of the year and to ‘one Bitcoin equal to a Bugatti’ by 2023. Powell added:
As for the crypto community, I think those assets are easier to measure (value) Bitcoin because you never know where the dollar is going. It is possible (in the future) there will be 10 times more US dollars per year from now on, so it’s really hard to measure Bitcoin in dollars
While Bitcoin spends most of 2019 and the first half of 2020 trading for the price of a used 2010 Honda Civic, a Bitcoin can buy a brand new Civic as the price goes up. all-time high at year-end.
When asked about Ethereum, Powell emphasized the importance of the field NFT token is booming, making it clear: “All NFT activities are really driving the use of Ethereum.”
Powell also emphasized the uncertainty surrounding where Eth2.0 development will end, noting that deposits into Ethereum staking contracts are currently removing ETH from the supply.
On the subject of altcoins, Powell pointed to the gossip surrounding Polkadot, alluding to the perception that this project will likely be the “next Ethereum” due to scaling and fee issues.
There are many other coins being rolled out on this network (Polkadot) and I think you’ll see a lot of things on Ethereum being transferred to Polkadot… lower transaction fees when linked to Polkadot.
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