During an interview with Bloomberg on Wednesday, Jesse Powell, the CEO of Kraken crypto exchange said that Bitcoin would eventually be the world’s currency since the fiat currencies are already showing signs of weaknesses and they are only about 50 years old.
During the interview, Powell said,
“The 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.”
He also said that it was only a matter of time before people started to measure the value of things in terms of Bitcoin.
$1 million price target is very reasonable
According to Powell, Bitcoin will eventually surpass Gold and its value is very likely to hit $1 million as it replaces the national currencies.
“In the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next 10 years is very reasonable,” Powell said.
— Bloomberg TV (@BloombergTV) March 4, 2021
Current bitcoin market overview
In the past 24 hours, Bitcoin has dropped by about $1,700 to currently trade around $47,000 per coin.
Bitcoin has dipped by about 19.20% since hitting its all-time high of $58,330.57 on Feb 21, 2021 (12 days ago). Between March 1 and March 3, the digital coin showed signs of regaining its bullish trend by rising from trading below $50,000 to going to as high as above $51,000.
However, it seems the digital currency could be in consolidation for much longer than anticipated before making its next move, which experts believe will be another bullish rally owing to the huge investments by corporations.