- Kraken CEO Jesse Powell joined Fox Business to talk crypto, and he stated that the current market dip is nothing compared to what we’ve seen previously.
- He further downplayed the impact that China’s crackdown will have on crypto, stating that it’s a great opportunity for the U.S to become the leader in crypto mining.
Bitcoin has seen sustained price drops for the past two months, leading many to become skittish and predict that the crypto winter is here. However, according to Jesse Powell, the CEO and co-founder of Kraken exchange, this is a walk in the park – just another day in crypto. In an interview on Thursday, Jesse delved into the price drops, going public, China’s crackdown, the curious Polkadot case on Coinbase and what’s next for crypto.
Jesse has been the CEO of Kraken for a decade now. In that time, he has seen it all, starting at a time when Bitcoin was just worth a few dollars to two months ago when it hit $64,000. In an interview with Fox Business, he revealed that for him, price swings are nothing to be scared of. Bitcoin is a volatile asset and will take some time before stabilizing.
— Kraken Exchange (@krakenfx) June 24, 2021
To me, it’s just another day, just a walk in the park. This is just a minor dip on the rollercoaster that I’ve been on for the last ten years. Historically, this is really nothing compared to what we’ve seen in the past.
As many other experts have noted, the major sellers in the dip have been newbies who just got into crypto. However, in the longer time scale, Bitcoin is still one of the best-performing assets, he stated.
Polkadot saga and China crackdown
Jesse also talked about a recent saga in which the price of Polkadot (DOT) on Coinbase shot up by 70 percent, but this didn’t reflect on any other exchanges, including Kraken. According to him, this is nothing major and it happens from time to time. This is because crypto markets are not interconnected and there’s no central order matching system. As such, if some market participants make huge transactions on one exchange, it affects that specific exchange only. Given enough time, this effect can get to the other exchanges through market makers and arbitrage traders, however.
That happens pretty much all the time. Of course, they will look into it. We would look into it as well if it happened on our exchange.
On China’s crackdown on crypto, Jesse believes it’s not necessarily a bad thing. China is right to stamp out the miners as it does most of the world’s manufacturing and requires the energy. On the other hand, this represents a huge opportunity for the U.S to become the dominant BTC mining nation.
This looks like a massive opportunity for the United States to capture all of that mining capacity and it would be a huge strategic win for us in terms of national security and owning a piece of the crypto industry.