JAKARTA – Recently the CEO of the Kraken crypto exchange, Jesse Powell said that Bitcoin is likely to fall back to levels below 40 thousand US dollars per coin. However, Powell assesses it is not certain.
He argues if BTC drops below $40,000 then it's an opportunity to buy. Powell made this statement in an interview with Bloomberg TV.
“But I think a lot of people see anything under $40,000 as a buying opportunity. I personally bought it when we dropped back to $30,000 a few months ago. A lot of people have dry powder on the sidelines just waiting to come back at a very low price,” Powell said.
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The Kraken executive believes that Bitcoin is suitable for long-term investment, at least for more than 5 years. In 2011, Powell once said that “we are all going to be on a flying saucer and paying for coffee in Bitcoin.”
In addition, Powell also said that cryptocurrencies are more suitable for long-term investments than for short-term trading. According to him, cryptocurrency is more of a “buy and hold investment.”
On the other hand, the boss of crypto exchange Kraken mentioned that the value of the dollar will continue to decline over time. Powell went to extremes to call the value “the dollar is going to be zero.” This could be due to the higher inflation from year to year.
He judged that people would start hoarding gas and milk if they could pay their tuition and health insurance bills up front. Powell predicts interest rates will decline to negative territory and urges people not to save dollars.
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