As the leader of crypto exchange Kraken, Jesse Powell is bound to be bullish on Bitcoin. Yet he’s projecting a disruptive future that would stretch the imagination of even the most ardent crypto fans. In a Bloomberg Television interview, Powell said Bitcoin could reach $1 million in the next decade, adding that supporters say it could eventually replace all of the major fiat currencies.
While Bitcoin and other cryptocurrencies have experienced slight setbacks over the last two weeks, the industry as a whole has been booming alongside other technology equities over the past year. Bitcoin continues to hover around $50,000, while other popular coins like Ethereum and Stellar have seen similar enormous growth.
The current pandemic has had a tremendous effect on global markets as many companies have been forced to close, temporarily halt their operations or attempt to work from home. Additionally, it has revealed the weaknesses in the daily operations of companies across the world, namely in supply chain management, resource allocation and data security and sharing.
Bitcoin emerged from the scars of the 2008 financial crisis as distrust in governments and central banks inspired the digital currency to thrive outside the establishment. Unlike traditional currencies backed by sovereign credit and taxing authority, Bitcoin has no equivalent support. This push for monetary independence found early adopters in those that wanted to transact anonymously. Then with time, it captured broader investor interest. Yesterday, Tesla announced that it has bought $1.5 billion of bitcoin, which it plans to accept as payment.
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