Bitcoin (BTC) will be worth “infinity” and humanity will soon give up pricing it in U.S. dollars, says the CEO of cryptocurrency exchange Kraken.
Speaking to Bloomberg on March 4, Jesse Powell was characteristically bullish on Bitcoin as BTC/USD broke above $50,000.
Powell: $1 million Bitcoin in ten years “reasonable”
“Of course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think it’s going to infinity,” he told Bloomberg TV about future price trajectory.
“This national currency’s only fifty years old, it’s already showing extreme signs of weakness, and pretty soon I think people are going to start measuring the price of things in Bitcoin.”
Powell was commenting as the USD weakened alongside a macro market sell-off on Wednesday, an event which had next to no impact on Bitcoin. At the same time, the U.S. national debt quietly passed $28 trillion for the first time in history.
Despite a rejection of $50,000 support, Bitcoin bulls thus remained more than optimistic.
“The people that are believers in Bitcoin see… it’s going to replace all of the world’s currency, so that basically means whatever the market cap of the dollar is, the euro — all of that combined is what Bitcoin could be worth,” Powell continued.
“I think in the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next ten years is pretty reasonable.”
As Cointelegraph noted, Bitcoin closed February 26% above its target dictated by the stock-to-flow-based price models, with creator PlanB still confident that $100,000 will hit at some time this year.
Bitcoin stock-to-flow chart as of Mar. 3, 2021. Source: Digitalik
No time for gold
Meanwhile, the gold ecplise argument has been steadily gaining support on social media in particular, often at the expense of gold bugs, who are left with increasingly little ammunition to defend their anti-Bitcoin stance.
As Cointelegraph reported, it was billionaire and former Bitcoin skeptic Mark Cuban who this week took SchiffGold.com CEO Peter Schiff to task over his love of the precious metal. Gold, he told Schiff, “is dead.”
“Bitcoin has been crushing gold since inception,” Kraken growth lead Dan Held added in response to claims by Schiff that a bet against gold was a losing one.