In an interview with Bloomberg CEO of Kraken Bitcoin Exchange, Jess Powell presented the bright future of the first cryptocurrency. According to his expectations, bitcoin will equal in its payment properties with the US dollar and will eclipse gold as a means of saving.
The latter for Powell is evident against the backdrop of the Fed's aggressive monetary policy, which makes Bitcoin an attractive tool for hedging the risks of global instability. It remains only to wait for the manifestation of the herd instinct of institutional investors. In the long run, this will lead to the loss of gold privileged status of the main asset-refuge.
According to CEO Kraken, over the past three months there has been an increase in interest in bitcoin from hedge funds, asset managers, retail investors and day traders. Powell believes that the example of billionaire Paul Tudor Jones, who says he holds up to 2% of assets in bitcoin, is significant for the industry.
The head of Kraken expects improved payment functions of the first cryptocurrency thanks to second-level solutions like the Lightning Network. They will provide the same affordable and easy to understand features as the popular PayPal and Venmo payment systems, eliminating the need to transfer coins on the blockchain:
“Soon, the underlying Bitcoin technology will dissolve. It will become like an American dollar: no one understands how it works, but everyone uses it. ”
Powell also touched on the topic of possible manipulations of whales in the cryptocurrency market. In response to the presenter’s question, he retorted that similar risks are now typical for traditional markets:
“See how the Fed buys junk bonds of potential bankrupt corporations. This is a joke. The market is being manipulated. They print trillions of dollars to raise stock prices of public companies. You can no longer value in dollars. Inflation will soon get out of hand. Personally, I will buy bitcoin to hedge against inflation ”-he explained his position.
Earlier, the author of the bestselling book “Rich Dad, Poor Dad” Robert Kiyosaki gave a forecast that due to the incompetence of the Fed, the price of bitcoin in three years will rise to $ 75,000.
