- Jesse Powell claimed Bitcoin could trade in the range of $28,000 to $1 million in the next decade
- In the trading range, BTC seems to remain highly volatile by nature
- More money could be poured in Bitcoin, as individuals in the financial market are losing trust from the dollar
- Bitcoin is not the only asset soaring in the cryptosphere
Jesse Powell, the co-founder and chief executive officer of Kraken BTC exchange, has recently had an interview with Bloomberg. According to Powell, there is a tremendous amount of momentum behind the leading crypto token. He also revealed that he assumes Bitcoin will be trading in the range of $28,000 to $1 million in the next decade. However, in the interview, Powell discussed all the uncertainty that fiat money could face and how public limited firms are pushing the BTC market. Powell also highlighted that several years individuals remained concerned about adding a volatile asset, and 2020 changed their concern on how not to add such currency performing 300% uptrend.
Bitcoin will remain volatile till the level of $1 million
According to Powell, the volatile nature of Bitcoin will not be changed, though financial institutions acquire it. Powell also mentioned that until the leading cryptocurrency doesn’t replace the other altcoins available on the planet, we will not see lower volatility of BTC. he also explained that at least in between the price range of $28,000 to $1 million per BTC we would witness high volatility. However, the coin designed by Satoshi Nakamoto is just needed to HODL.
BTC is not the only asset being pumped in the financial market
It is observed that Bitcoin is not the only asset which surged this year, as Tesla has also soared by 675%. Powell explained that both TSLA and BTC are on fire and reacting to the printing of fiat currencies. Further, he also explained how several dollars were being poured in the market and lost somewhere, as all went to individuals speculating about it. Observing the current scenario, more such events will be evoked and poured unto financial assets. However, observing the market’s run ups, it seems like Individuals want to get rid of dollars with decreasing trust. Indeed, the FED stated that there is infinite money out there. Indeed, this could result in investors pumping more money in hard assets which holds more value than a fiat currency.
Ethereum and DeFi are also growing in the cryptosphere
In 2020 we witnessed in the cryptosphere how the leading token attracted the world with its performance. Still, Bitcoin was not the only asset in the cryptosphere to be pumped, as Ethereum also surged by 465%. On the other hand, decentralized finance or DeFi is another story growing in the industry to become a more significant sector. According to Powell, there seems no risk of any clampdown in the market, as several regulatory bodies are getting educated and understanding the risks better. However, if the governing bodies try to crush digital currencies, we could witness a considerable backlash.
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