Bitcoin is not doing well lately. The world’s largest cryptocurrency by market capitalization has fallen from an all-time high in November at around $68,000 per unit to the low-$20,000 range at the time of writing, and it doesn’t look like it’s going to get stronger anytime soon, but according to Jesse Powell. – CEO of cryptocurrency exchange Kraken – Van Assets should not be deductedAnd he continues to buy new units whenever possible.
Jesse Powell on Bitcoin: Still Number One
At press time, there is a lot of hype surrounding a property like Ethereum, which is now set to undergo its own “merger” process. The move that will lead to Ethereum switching from a Proof of Work (PoW) unit to a Proof of Stake has long been talked about. The maneuver is set to make Ethereum more cost-effective. It would also make the currency faster and less harmful to the global atmosphere given how concerned the damage cryptocurrency mining could be.
Throughout all of this, it’s easy to discount bitcoins or forget about them altogether, but CEO Kraken Powell says that’s a huge mistake. After all, bitcoin is the world’s largest cryptocurrency, and was the initiator of what is now a new trillion-dollar financial space. For these reasons, he says the coin should never be considered a failed fad. He commented in a recent interview:
I bought bitcoin back at $18,000. I’m happy to ride it back up.
He says he remains bullish about the coin, claiming that its fundamentals are in good place. He is also confident that the price will rise before the end of the year – so much so that someone will be able to buy a Bugatti (this is a high-end luxury car) with a single unit.
While this kind of optimism is intriguing, one should take Powell’s words with caution given that the world’s primary digital currency is in a much worse shape than it was just under a year ago. The asset has lost a lot of momentum and we have less than four months left before we say “hello” by 2023. In order for one to be able to buy a Bugatti with one bitcoin, the price of the asset would have to go up a lot in a very short period, which doesn’t seem entirely possible in this stage.
Maybe the original will rise
However, Powell is not the only one who thinks this could happen, as Daniel Kosticki – chief financial analyst at crypto exchange Conotoxia – claimed that:
The possibility of a short-term correction cannot be ruled out, especially after the latest wave of strong gains.
While Bitcoin has made some small gains here and there, it looks like it wants to regularly pull back to around $23,000.
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