Kraken head Jesse Powell has made an unprecedented prediction that bitcoin could reach $1M in value.
Powell on Bitcoin’s Future Potential
The CEO, who is bullish on the world’s most known crypto, stated that BTC enthusiasts agree that digital assets will eventually replace fiat currencies. Jesse joins several other bitcoin supporters like Mike Novogratz, who also shared his confidence in the potentiality of BTC hitting the $100K mark by the end of 2021.
The CEO’s prediction comes after he announced Kraken could go public, although he stated there was no guarantee. According to his interview with Bloomberg, the CEO said he is not comfortable listing the company with a $10B valuation.
He explained why, stating that although Kraken is on the right track, issuing shares worth $10B could be a big mistake, and he would instead capitalize on a $100 billion valuation.
Wild Predictions, Big Dismissals
According to Powell, BTC’s market cap will give fiat currencies a run for their money, surpassing all the major currencies, including dollars, euros, and sterling pounds. JP Morgan, an investment institution whose head is a major bitcoin critic, is more involved in blockchain than any other banking institution.
Nevertheless, JP Morgan analysts maintain their bearish talks, stating that significant players are withdrawing their profits and BTC may not thrive as many are thinking. Cryptocurrency die-hards are finding it hard to convince institutions that crypto is a profitable asset class.
MasterCard CEO said institutions are scared of non-asset-backed digital coins because of price fluctuations, which is a route to bankruptcy if not taken seriously.
Cryptocurrency price predictions are somewhat two sides of a coin. Some are very bullish, and others are undisputedly bearish. While cryptocurrency enthusiasts continue to drive hope that digital coins are the next big thing, critics insist it is just a speculative business that is not worth anybody’s time.
However, with the number of banks slowly joining the crypto bandwagon, it looks like financial institutions feel like they are missing out. Enthusiasts like Mike Novogratz believe cryptocurrency has become a precise asset class, stating that banks are experiencing a little FOMO.
Cryptocurrency Gains Popularity, Bearish or Bullish
According to JP Morgan analysts, institutions are generally bearish on cryptocurrencies as assets. The bearish market is one big reason why the crypto-finance has not thrived in the global scene. Companies like Uber consider accepting payments in crypto but were quick to say no when asked about investing in crypto, refusing to join Tesla and Microsoft’s likes. One thing looks crystal clear; whether its prices will plummet or rise against all odds, cryptocurrency is brewing long-term discussions.
Source: Read Full Article