News

1 BTC will be worth a Bugatti by 2023: Kraken CEO

Jesse Powell, CEO of Kraken, beliefs that dollar-based long-term price predictions for Bitcoin are flawed.

Powel said to Bloomberg in an interaction: “I think I said Bitcoin is going to infinity and that’s kind of hard to comprehend because I’m measuring it in terms of dollars.”

Powell speculation is that BTC may surge from its current “price” or one BTC per Tesla Model 3 to “one BTC per Lambo” by the end of the year, and to “one Bitcoin per Bugatti” by 2023.

He added:

“To the crypto community, I think those kinds of assets are easier to measure Bitcoin against because you never know where the dollar is going to be. There could be 10 times as many U.S. dollars out there a year from now, so it’s really hard to measure Bitcoin against the dollar.”

Powell affirmed the importance of Ethereum with the booming non-fungible token sector, stating: “All of the NFT activity is really driving up the use of Ethereum.” He also highlighted the inherent delays in the Eth2 overhaul and particular notion about the deposits to Ethereum’s staking contract reportedly removing Ether from the supply.

While discussing altcoins, Powell directed his attention towards chatter around Polkadot, hinting at perceptions that the network could compromise “the future Ethereum” due to scaling and fee issues.

Polkadot is aiming to offer greater speed and efficiency than other crypto networks by processing transactions using a “para chain architecture”. Through this, multiple sharded chains can be operated in a parallel manner. Although parachains are yet to be incorporated on the Polkadot’s mainnet, Acala Network has secured a parachain slot on Polkadot’s Rococo testnet last week.

Leave a Comment

Your email address will not be published. Required fields are marked *

Close Bitnami banner
Bitnami