- Powell remains bullish about BTC even though his 2021 Bitcoin forecast fell short.
- Many other crypto executives are also bullish about Bitcoin, even though they don’t expect its price to equal that of Bugatti.
In a recent interview with Bloomberg, the CEO of Kraken, Jesse Powell, said he remains bullish about Bitcoin. He also said that he hopes one Bitcoin would be enough for a Bugatti by this year-end. The Bloomberg interviewer reminded Powell about his 2021 prediction that one Bitcoin would be enough to buy a Lamborghini.
Powell made his 2021 prediction when the leading digital asset traded at about $48,000. However, Powell responded that his prediction would have come true if not for the crypto winter. He insisted that he hopes to buy a Bugatti with one BTC by December 2022.
Per current market data, Bitcoin trades at about $24,000, while the price of Bugatti cars ranges from $1.9 million to $3.3 million. Powell added that he is still bullish about Bitcoin, especially in the long term. He said he hasn’t regretted owning some BTC, which he bought at $18,000 per one.
The Kraken CEO explained that he is bullish about BTC because its fundamentals improve daily. Hence, he’d never bet against the leading digital asset. It is important to note that Kraken wasn’t among the crypto exchanges to lay off its staff despite the crypto winter. This indicates that the crypto exchange’s finances are strong despite boasting a 3,200 workforce.
Nevertheless, the company hasn’t been without problems. Multiple news outlets reported on June 15, 2022, proving that Powell lashed out at his staff and claimed they weren’t suitable for the company’s work culture. An in-depth analysis by a famous media firm, New York Times, said the Kraken CEO started a culture war that led to the company’s toxic environment.
Last month, a US Treasury investigation revealed that the San Francisco-based crypto exchange disregarded US policies by approving crypto trading for users from sanctioned nations. Those nations include Syria, North Korea, and Cuba.
Crypto executives and Bitcoin bullishness
The CEOs of many crypto firms also share Powell’s bullish sentiments about Bitcoin. However, they don’t expect Bitcoin’s price to be enough to buy a Bugatti by this year-end. Mike McGlone, a senior commodity strategist with Bloomberg, recently forecasted that Bitcoin would trade for $100,000 within the next three years.
In his July 14 market analysis, McGlone admitted being unable to predict when BTC would hit its bottom. However, he believes the leading digital asset would spike once it hits bottom. A few days afterward, Michael Novogratz, Galaxy Digital CEO, also forecasted that Bitcoin’s price would be $500,000 within the next five years.
He explained that BTC’s adoption would have significantly increased. He added that the current bear market is only a ‘bump’ in Bitcoin’s road to greater massive adoption. Meanwhile, the recent crypto rally appears to be losing steam as the optimism regarding the Ethereum merge cools.