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Bitcoin could hit $1M, states Kraken CEO

Crypto Consultant - Harry

Going beyond the price to buy Bitcoin's (BTC) $100k and even $400k price expectations, Jesse Powell, Chief Executive Officer (CEO) of Kraken's Cryptocurrency Exchange, has provided what many would consider an optimistic outcome for Bitcoin. The CEO claimed during a recent interview with Bloomberg that Bitcoin could hit $1 million in the next 10 years.

Powell argues that gold is not the final battle, since an increasing population of young people is changing grounds on Bitcoin trading to replace fiat currencies. If this occurs, the asset value could climb to "infinity" in the midst of collapsing fiat currencies and a massive migration of investors to Bitcoin as a stable investment. The Kraken CEO stated:

“People see it surpassing gold as a store of value. So, you know, I think a million dollars as a price target within the ten years is very reasonable…”

Interestingly, Powell is not the first one to set quite a fierce price goal for the digital currency, Hal Finney, a former Bitcoin consumer and entrepreneur back in 2011, also said Bitcoin could potentially reach $10 million per coin.

A host of famous buyers have abandoned the yellow metal in preference for Bitcoin. Shark Tank Star Mark Cuban recently argued that gold is a declining asset class to be substituted by Bitcoin and Ethereum.

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