If Bitcoin Breaks To The Price Of 20 Thousand Dollars Per Coin, Kraken CEO Will Be All-in
JAKARTA – The founder and CEO of crypto exchange Kraken, Jesse Powell, recently stated that he is using some of his capital to buy the main cryptocurrency, Bitcoin, in 2021.
So far, he admits that he doesn't have it. He also stated that if Bitcoin fell to 20,000 US dollars per coin, he would spend all his capital on BTC.
Powell himself is not worried about the crypto market plummeting. This condition actually prompted him to buy more Bitcoin. The Kraken CEO announced that he had only invested 50 percent of his capital to buy Bitcoin in July last year.
Powell further urged Bitcoin owners who could not stand the volatility of the crypto to sell their holdings. That way he can buy Bitcoin at an even lower price.
The founder of Kraken has been in the crypto world since 2011. While many people say Powell already owns a lot of Bitcoins, he explains that that's not the crux of the matter.
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According to the CryptoPotato report, many experts in the field believe that such a market crash could provide certain benefits such as eliminating “paperhand” investors. Meltem Demirors – CoinShares CSO – stood behind that thesis during the crypto slump last summer.
Kraken boss advises investors to invest their funds in Bitcoin when the price is below 40,000 US dollars per coin. On the other hand, he predicts that the American dollar will become zero. The statement was made by Powell at the end of 2021.
Executives touch bitcoin once again shortly after Russia's invasion of Ukraine. At that time, the Deputy Prime Minister of Ukraine – Mykhailo Fedorov – asked cryptocurrency exchanges to ban users based in Russia from their platforms.
When the Russia-Ukraine war took place, the Kraken platform was asked to stop its services for Russian users without any official regulations to do so. Responding to the request from the US government, Powell emphasized that it could not stop its services.
He reasoned that Bitcoin is “the embodiment of libertarian values. Hence, every individual should be allowed to own it. Powell believes that the Russian crypto community is against Putin's decision to fight Ukraine.