Bitcoin (BTC) will reach $100,000 in the bull run

Kraken's CEO Jesse Powell predicts that Bitcoin (BTC) will reach $100,000 in a bull market. Adding that there has been a massive influx of new accounts from all roles such as hedge funds, money managers, retail investors and day traders. According to him, the inflationary policy implemented by the US Federal Reserve will be a driving factor. This will cause people to "flee" to a safe haven, in this case Bitcoin.

People are flocking to it as a safe haven because of that finite, predictable supply. We’re not going to mine an asteroid of Bitcoin any time soon. No one can print Bitcoin, so it’s very predictable and people are flocking to it for that reason.

All those who have spoken out in favor of Bitcoin and cryptocurrencies agree that the actions of the FED will only make the current economic crisis worse. Another point that Powell made in favor of Bitcoin is the growing adoption of cryptocurrencies. According to Kraken’s CEO, there is more and more diversity in the market:

In the past three months we’re seeing a massive influx of new accounts from all personas, so we’re seeing hedge funds, we’re seeing wealth managers, we’re seeing retail investors, we’re seeing day traders. Everyone is signing up for it.

The same has been said by other recognized members of the crypto space and the traditional market. Among them are Bitcoin bull Mike Novogratz, BitMEX CEO Arthur Hayes and Forbes Media president and editor-in-chief Steve Forbes. Hayes and Novogratz have said that Bitcoin will reach a new all-time high before the end of 2020. Forbes, on the other hand, believes that people will shield themselves from the Fed’s policies with Bitcoin.

Volatility in Bitcoin and traditional markets

Previously, in an interview for Pantera Capital, Kraken’s CEO had said that the Bitcoin price is undervalued. In that sense, Powell specified an estimated time for his prediction to come true. In the next two years, according to Powell, we should see Bitcoin at least at $100,000.

They’re printing millions of dollars to pump up the value of publicly traded stocks. You can’t price anything in dollars anymore. The inflation is going to be out of control very soon here. Personally, I would be buying Bitcoin as a hedge against that inflation.

Regarding the volatility on the market, Kraken’s CEO stated that there is no difference between the volatility on the crypto market and the traditional market. Therefore, he recommended investors to buy Bitcoin (BTC). Powell stated the following:

When you’re talking about manipulation, if you look at the Fed buying junk bonds from failed United States corporations, it’s a joke. The market is manipulated.

Author : Reynaldo