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Bitcoin is the largest crypto asset in terms of market capitalization as per data from the CoinMarketCap. After a bullish 2021, the price of BTC has plunged significantly. Notably, the digital currency is yet to achieve its bullish momentum back. Although the price of the leading crypto coin has lost its momentum, major BTC proponents are still bullish on the digital currency. Recently, Jesse Powell, the CEO of Kraken crypto assets exchange, has underscored that the utility of BTC is soaring. Indeed, the prevailing global political and economic climate is demonstrating the significance of the coin designed by Satoshi Nakamoto.
Jesse Powell is bullish on BTC
In a recent interview with Bloomberg, Jesse Powell has highlighted that despite Bitcoin failing to hit $100k by the end of the last year, he is still bullish. He cited that he is bullish on the price of BTC, many believed that the price will boom above $100k, but have understood that predicting such movements are impossible.
The prevailing geopolitical environment is presenting utility opportunities for the coin as a store of and a tool for transferring value. According to Powell, we can observe continuing use cases and reasons for individuals to use BTC. The most significant factor to note is that the inflation is at its peak since the 80s.
However, combined with the controls, the clampdown on these protests and legitimate fundraising efforts shows that the utility of the coin designed by Satoshi is getting more robust everyday. Hence, it seems there are no less reasons to believe in it over the longer time frame.
Canadian truckers turning to Bitcoin and crypto
Recently, the world has witnessed that Canadian truckers are turning to cryptocurrencies for fundraising efforts after a government crackdown. Moreover, the centralized crowdfunding tools such as GoFundMe have also played a significant role turning them away.
Following the scenario, Powell believes that BTC is solving the real-world problems as exemplified by the Canadian trucker protests. Powell further highlights that the industry knows that the flagship crypto asset is more than price speculation.
Similar to Canada, BTC is solving real-world problems where we have fundraisers being shut down by the government or by centralized fundraising platforms and the cryptocurrency is circumventing that while getting around it and helping the money to arrive directly to individuals.
