The CEO of popular cryptocurrency trading platform Kraken has reiterated that he believes that the price of Bitcoin will reach $ 1 million in the next few years due to the monetary policy in which the fiat currency is in circulation.
During an interview on the H3 podcast, Powell answered a few questions about Bitcoin’s environmental impact, the role of cryptocurrency in the financial system, and more. He announced that BTC made a mistake trading $ 1 and invested $ 100,000 in mining equipment instead of investing in BTC itself.
Powell noted that he sees the price of Bitcoin “rising slightly” from $ 500,000 to $ 1 million over the next few years in terms of monetary policy measures such as quantitative easing that could lead to inflation or currency devaluation.
It is still early. I think so, I think Bitcoin will easily cost $ 500,000 over the next few years. See how much money is being printed. With ease we will reach a million dollars in Bitcoin.
When asked if he would recommend investing in the cryptocurrency, he said the podcast’s listeners should “at least get involved” by putting between 1% and 10% of their portfolio in the cryptocurrency. However, he would not recommend investing money that you need to pay for the expenses: “Don’t bet on your rental money, don’t put your meal money on bitcoin, but if you have a portfolio of investments make sure you have bitcoin . ”
When asked about the thousands of altcoins that were created, Powell compared the cryptocurrency space to the stock market and advised investors to stick to the biggest names as if they were investing in stocks.
Brand names like Apple, Google, and Facebook are popular and safe bets, and he said this is true of both Bitcoin and Ether. Those who don’t know what they’re doing or “aren’t super deep Wall Street analysts” should buy low cap altcoins now based on the potential to be sold to them.
Powell added, “Don’t pay attention to all the new things that keep coming out. Just stick with Bitcoin and Ether. If you want to be super safe, I think Bitcoin and Ether are super safe bets. Everything else is getting more exotic, and you are get higher returns with more risk, but I wouldn’t look at other things. “
As reported by CryptoGlobe, Powell first announced in an interview with CNN that the price of Bitcoin could reach $ 1 million in the next 10 years earlier this month. In the long run, however, the CEO sees BTC rising much higher, “to infinity”.
At the time I was asked about a recent round of funding that saw the company’s valuation rise to $ 10 billion. In response to evaluating the funding round, Powell said he personally believed $ 10 billion was a “low valuation” and that he was “not interested in selling stocks at that price.” He also said Kraken is “on track to go public.