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BITCOIN NEWS: The CEO of the US-based crypto exchange Kraken says he believes Bitcoin (BTC) 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 don’t yet understand the importance of Bitcoin’s 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 don’t think Bitcoin is even priced into Bitcoin. Most people have heard about Bitcoin but they don’t own any Bitcoin. They don’t 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 there’s a lot that’s not priced in, even though it’s predictable, like what the future is. Ten years down the road, the US dollar is going to continue to be printed like crazy. It’s going to be totally worthless. No one is going to want it. Everyone is going to want Bitcoin. But that’s 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 we’re 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 we’ll likely see 1 BTC exceed $100,000…
Just anecdotally, in the last two months, we’ve seen a huge surge in new accounts, from institutions. I think, again, I mentioned it earlier, something that’s 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 it’s coming. I think that more LPs are going to demand that their GPs invest in crypto. I think it’s 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.”
In other trending Bitcoin News today:
Wall Street Buying Bitcoin (BTC) at Blistering Pace Despite Warning From Goldman Sachs
New data shows institutional investors are buying Bitcoin at a remarkable rate.
Market researcher Kevin Rooke is tracking the Grayscale Bitcoin Trust (GBTC), which gives institutional investors a secure way to gain exposure to BTC without having to buy the underlying asset itself.
GBTC is fully backed by real Bitcoin, and according to Rooke, the pace at which Grayscale is buying BTC now outstrips the new supply of the leading cryptocurrency.
“Grayscale’s Bitcoin Trust bought 18,910 Bitcoins since the halving. Only 12,337 Bitcoins have been mined since the halving.” Referencing a new report from Goldman Sachs that concludes Bitcoin is not an asset class nor a viable investment, Rooke comments, “Wall Street wants Bitcoin, and they don’t care what Goldman Sachs has to say.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.