Bitcoin will replace ALL global currencies at price target of $1 MILLION within decade
As national currencies are already showing extreme signs of weakness, people will soon start measuring the price of things in terms of bitcoin, says Jesse Powell, CEO of cryptocurrency trading exchange Kraken.
He told Bloomberg on Thursday that bitcoin will eventually be a global currency because “you have to think it's going to infinity.”
“I think true believers will tell you it's going all the way to the moon, to Mars, and eventually it'll be the world's currency,” Powell added.
According to Powell, “In the near term, people see it (bitcoin) surpassing gold as a store of value, so I think a million dollars as a price target within the next 10 years is very reasonable.” Bitcoin believers expect the cryptocurrency to replace fiat money and the market capitalization of all national currencies combined could make up its worth, he said.
The price of bitcoin dropped almost four percent to $49,596 as of 13:50 GMT on Thursday. However, the world’s most popular cryptocurrency is up 70 percent year-to-date. Bitcoin slid after the nominee for chairman of the US Securities and Exchange Commission Gary Gensler said making sure that cryptocurrency markets are free of fraud and manipulation is a challenge for the agency. Gensler has been viewed as a strong advocate for digital assets.
“I think true believers will tell you it's going all the way to the moon, to Mars, and eventually it'll be the world's currency,” Powell added.
According to Powell, “In the near term, people see it (bitcoin) surpassing gold as a store of value, so I think a million dollars as a price target within the next 10 years is very reasonable.” Bitcoin believers expect the cryptocurrency to replace fiat money and the market capitalization of all national currencies combined could make up its worth, he said.
The price of bitcoin dropped almost four percent to $49,596 as of 13:50 GMT on Thursday. However, the world’s most popular cryptocurrency is up 70 percent year-to-date. Bitcoin slid after the nominee for chairman of the US Securities and Exchange Commission Gary Gensler said making sure that cryptocurrency markets are free of fraud and manipulation is a challenge for the agency. Gensler has been viewed as a strong advocate for digital assets.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
