Bitcoin (BTC) will earn “infinite” value and humanity will soon abandon USD pricing, says Kraken, the main cryptocurrency exchange.
When we spoke to Bloomberg on March 4, Jesse Powell was optimistic about Bitcoin as BTC / USD surpassed the $ 50,000 mark.
Powell: $ 1 Million in Bitcoin in Ten ‘Available’ Years
“Of course, you know, we can only speculate,” he told Bloomberg TV of future price movements. “But when we measure it in dollars, you have to believe that it will be infinite.”
“This national currency is only fifty years old and is already showing signs of serious weakness, and soon I think people will start measuring the prices of things in bitcoin.”
Powell commented when the US dollar fell along with macro market selling on Wednesday, an event that had little impact on Bitcoin. Meanwhile, the US national debt for the first time in history quietly exceeded $ 28 trillion.
Despite dropping the $ 50,000 support, the bitcoin bulls remained more than optimistic.
“People who believe in bitcoin … see that it will replace all currencies in the world, so it basically means the market value of the dollar and the euro – in general, bitcoin can be worth the trouble,” Powell said.
“I think in the short term people see it as the predominant store of value, so I think a million dollars as a target price for the next 10 years would be very reasonable.”
Bitcoin closed 26% above its target dictated by stock-based pricing models in February, Cointelegraph notes, with PlanB still confident that $ 100,000 will come in once this year.
No time for gold
Meanwhile, the gold bullion argument is gaining support on social media, especially at the expense of gold bugs, which have less and less ammunition to defend their position against bitcoin.
According to Cointelegraph, it was billionaire and former bitcoin skeptic Mark Cuban who took over control of SchiffGold.com CEO Peter Schiff this week due to his love of the precious metal. He told the cook that the gold was “dead.”
“Bitcoin has crushed gold since its inception,” added Dan Held of Kraken’s growth in response to Schiff’s claims of losing the game against gold.