By Samuel Indyk
Investing.com – The CEO of cryptocurrency exchange Kraken, Jesse Powell, has said the price of one Bitcoin could reach $1mln over the next decade.
“We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity,” Powell said in a Bloomberg Television interview.
“The true believers will tell you that it’s going all the way to the moon, to Mars and eventually, will be the world’s currency.”
Kraken To Go Public?
In the interview, Powell was asked whether he would take his company public, as Coinbase is expected to do in the coming weeks.
“We are certainly on track, though $10bln is a low valuation,” Powell said. “I wouldn’t be interested in issuing shares at that price.”
Coinbase’s valuation could be as high as $100bln after the company confirmed they made a profit for the first time in 2020.
Bitcoin
Powell is not the first person to predict astronomical gains for the cryptocurrency and is unlikely to be the last. The recent corporate acceptance of bitcoin has helped the price rally and the market cap exceeded $1tln for the first-time last month. On the other hand, cryptocurrency critics argue that bitcoin and some other digital assets are in a huge bubble fuelled by ultra-low interest rates, reminiscent of Dutch tulip mania in the 1600s.