Bitcoin price to $1million?

In an interview with Emily Chang from Bloomberg Technology, Jesse Powell, founder and Chief Executive Officer of Kraken said that he believes that bitcoin will eventually replace all currencies in the world.

During the interview he showed to be even more optimistic than the most optimistic bitcoin-evangelists. He stated that when bitcoin continues to be priced in, for example, dollars, the price can rise indefinitely:

“Of course, you know we can only speculate. But when you measure it in terms of dollars, you have to think it’s going to infinity,.”

He added that a $1 million price level in the next 10 years was very reasonable, while in the short term he expects bitcoin to overtake gold to be a greater store of value.

This is largely because the United States has infinitely turned its money printer on. Bitcoin has absorbed a lot of new money with people preferring to keep their value in bitcoin instead of their savings account.

Powell said that National currencies are currently showing extreme signs of weakness and people will soon start measuring the price of things in terms of bitcoin. And when that happens, the sky is not the limit. He said:

“I think true believers will tell you it’s going all the way to the moon, to Mars, and eventually it’ll be the world’s currency,”

Is Kraken’s valuation of $10 million fair?

The interview did not just cover the price of bitcoin. Kraken is looking to raise new capital, with which the valuation of Kraken is expected to reflect 10 billion dollars.

According to Powell, $10 billion might still be underestimated when you consider the huge interest of many private investors, indirectly hinting that they are closing in on an IPO, possibly next year:

“We are certainly on track though $10 billion dollars is a low valuation,” said Powell. “I wouldn’t be interested in issuing shares at that price.”

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