Kraken CEO Jesse Powell is taking a page out of Jack Dorsey’s book and claiming that bitcoin will some day be a global currency.
Jesse Powell: BTC Will Beat All Fiat
Back in 2018, the CEO of both social media giant Twitter and payments company Square claimed that bitcoin would be a global currency. Rather, he stated that it would be the world’s only currency within ten years, and that it would replace all known forms of fiat. While bitcoin hasn’t quite reached this level yet, the idea of BTC and its digital counterparts is that they would one day replace all national forms of money and serve as the ultimate payment source for both goods and services.
Today, that dream is getting closer and closer to reality, as many large companies – including Tesla, Uber and General Motors – have stated in the past few weeks that they are now considering bitcoin as a potential payment method alongside cash and credit cards in the future. Jesse Powell is confident that bitcoin will ultimately be used by many different people in many different countries.
He was also quick to suggest that the asset could potentially reach a price of $1 million per unit, thereby pulling a page out of John McAfee’s book. While we’d all like to see BTC reach this price, it’s going to be a while before the asset ever crosses into seven-figure territory, as we learned with McAfee’s prediction for the year 2020.
The antivirus mogul commented in the past that bitcoin would reach this price at some point during the infamous year in which the coronavirus pandemic began striking all our global markets. He further stated that he would eat his own d*ck if this didn’t happen. Well, it didn’t occur, but as far as we’re concerned, McAfee is not missing any of his parts and was quick to defend himself by claiming that the entire prediction was nothing more than a joke.
$1 Million in Ten Years?
But for Powell, $1 million for bitcoin isn’t a joke. It’s something that could easily happen in the foreseeable future, as he claims that many national forms of currency are already suffering and showing “extreme signs of weakness.” In a recent interview, he stated:
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… 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 ten years is rather reasonable.
At the time of writing, Kraken is based in San Francisco, California and considered one of the largest and most powerful cryptocurrency exchanges of all time, presently managing digital assets worth more than $10 billion. Despite a recent rise beyond $50,000, BTC has fallen back to the $48,000 range.