Jesse Powell – the CEO of Kraken, a popular cryptocurrency exchange based in San Francisco, CA – has suggested that bitcoin could hit a price of $1 million per unit by the year 2022.
Jesse Powell: BTC Will Be $1 Million in 2022
Bitcoin has been doing extremely well as of late. The world’s number one digital currency by market cap has made a real name for itself in the finance industry over the past six months. There are many companies that are now willing to accept the digital asset as a form of payment for goods and services. In addition, many traders also see the asset more as a store of wealth nowadays, rather than just a speculative tool.
Powell is adamant that bitcoin is the future of money, though he thinks it is a mistake to compare the asset with USD or any other form of fiat currency. He claims that the more accurate way to portray bitcoin is by suggesting what one can buy with it, and in a recent interview, he said that bitcoin could one day be used to purchase a Bugatti, which is one of the planet’s most expensive and luxurious cars.
It might be easier to understand if we measure it in terms of Tesla vehicles, like one bitcoin for one Model 3. Probably by the end of the year, it will be one bitcoin per Lambo and probably by the end of next year, it will be one bitcoin per Bugatti.
At the time of writing, a Lamborghini – depending on the model you are interested in – will go for anywhere between $200,000 and $500,000. By contrast, a Bugatti Chiron supercar goes for about $3 million at press time.
In the past, Powell has commented that the price of bitcoin could rise to “infinity.” Always around to promote the asset, he says:
Of course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think it is going to infinity. This [U.S.] national currency’s… already showing extreme signs of weakness, and rather soon, I think people are going to start measuring the price of things in terms of bitcoin. The true believers will tell you that bitcoin is going all the way to the moon, Mars and eventually, it will be the world’s currency. We won’t be measuring the price of bitcoin in terms of dollars but in terms of what else are we going to be buying with it.
“Infinity” Is Hard to Comprehend
Strangely, however, Powell issued new comments soon after saying that his “infinity” statement was difficult to understand given that he was measuring BTC in U.S. dollars, the thing he is now telling us not to do. He said:
There could be ten times as many U.S. dollars out there a year from now, so it is really hard to measure BTC against the dollar.
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