Kraken CEO Jesse Powell continues to be bullish on Bitcoin. During a recent interview with Bloomberg, he said it will eventually replace all world currency.
“This national currency’s only fifty years old, it’s already showing extreme signs of weakness,” Powell said. “And pretty soon I think people are going to start measuring the price of things in Bitcoin.”
Powell also claimed Bitcoin will be worth “infinity” someday. And that reaching $1 million in the next 10 years is “very reasonable.”
“Of course, you know, we can only speculate,” Jesse Powell began. “But when we measure it in terms of dollars, you have to think it’s going to infinity.”
Jesse Powell’s comments came after the USD weakened alongside a macro market sell-off on Wednesday. The U.S. national debt quietly passed $28 trillion for the first time in history.
However, the events had no impact on the price of Bitcoin. “The people that are believers in Bitcoin see,” Powell started.
“It’s going to replace all of the world’s currency. So that basically means whatever the market cap of the dollar is, the euro — all of that combined is what Bitcoin could be worth.
“I think in the near term, people see [Bitcoin] surpassing gold as a store of value. So I think $1 million as a price target within the next ten years is pretty reasonable.”
The gold eclipse argument has been steadily gaining support on social media. Often at the expense of gold bugs, who are finding it more difficult to defend their anti-Bitcoin stance.
Former Bitcoin skeptic Mark Cuban told SchiffGold.com CEO Peter Schiff that gold is “dead.” While Kraken’s growth lead Dan Held piled on.
“Bitcoin has been crushing gold since inception.” He said in response to claims by Schiff that a bet against gold was a losing one.
Bitcoin closed February 26% above its target
BTC closed the month of March 26% above its target dictated by the stock-to-flow-based price models. With creator PlanB still confident that $100,000 will hit at some time this year.