Jesse Powell, the CEO of Kraken, who appeared on Bloomberg, explained why he believes the dollar-based long-term Bitcoin price prediction is wrong and highlighted the inflationary nature of fiat currencies.
In response to Powell’s question about year-end price predictions, the CEO of Kraken said, “I think I said that Bitcoin is going to be limitless, and it’s a little tricky to understand because I measure it in dollars.”
Introducing alternative measures of Bitcoin’s value, Powell suggested that Bitcoin’s value could increase the current “price” or BTC of each Tesla Model 3 to “one bitcoin per lambo” by the end of the year and “one bitcoin per bagatti”. “Lampo by 2023 Powell added:
“For the cryptocurrency community, I think such assets are easier to compare with bitcoins because you never know where the dollar is. There can be ten times more US dollars per year, so it is very difficult to measure bitcoin against dollars. ”
While Bitcoin spent most of 2019 and the first half of 2020 buying a used Honda Civic 2010 at a price, you could buy a brand new Bitcoin Civic when the price exploded to all-time highs at the end of the year.
When asked about Ethereum, Powell highlighted the importance of the growing sector of non-native tokens, saying, “All NFT activity is indeed leading to wider use of Ethereum.”
Powell also highlighted the uncertainty surrounding the completion of the Eth2 review, noting that Ethereum Contract Deposits are currently working to remove Ether from the show.
In terms of altcoins, Powell cited the Polkadot hype, citing the belief that the network could include “the next Ethereum” due to scaling issues and fees.
“There are many other coins running through this network, and I think you will see that many of the things that were on Ethereum have been carried over to Polkadot,” he said, referring to the “lower transaction fees” associated with Polkadot.
Polkadot aims to offer greater speed and efficiency than other cryptographic networks by processing transactions using a “parachute” architecture in which multiple crossed chains operate in parallel. While the parachute has yet to launch on Bolcadot’s main network, the Acala Ecosystem Network, it was the first parachute path safety project on the Rococo testnet at Polkadot last week.
Although the limit is included in Eth2’s roadmap, Ethereum co-founder Vitalik Buterin said earlier this month that developers are currently prioritizing the merging of the flow chain between Ethereum and Eth2. Buterin also expressed confidence that updates from one group to another in the short term will significantly expand the network, while reduction is not a development priority. Since then, the suit of optimism has been delayed until July.