I would never bet against Bitcoin, Kraken CEO says
- Kraken CEO Jesse Powell says he still hopes it is possible for Bitcoin price to rally in 2022, even as he acknowledges the risks of fresh downsides.
- Powell had predicted the last rally could have seen ‘Bugatti for1 BTC’ purchases.
- Bitcoin currently trades around $23,680.
Kraken CEO Jesse Powell says he is still bullish on Bitcoin (BTC) and that given, he still fancies buying a Bugatti with one BTC. He would not bet against the flagship cryptocurrency, he told “Bloomberg Crypto” in an interview.
Powell also commented on the US Treasury’s sanctions against crypto mixing platform Tornado Cash, seeing the move as “unconstitutional” and a “knee jerk reaction” following recent turmoil in crypto.
According to him, there is going to be a constitutional challenge to the sanctions.
Bitcoin can rally higher in 2022, Powell says
In 2021, as Bitcoin price rallied, Powell told Bloomberg that by the end of the year, one BTC would be able to buy Lambo – alluding to the realisation of the Crypto Twitter phrase ‘when lambo’ for when one Bitcoin would buy a Lamborghini. He also predicted that the end of 2022 would see ‘one bitcoin per Bugatti’.
But Bitcoin peaked at just above $69,000 in November last year before closing 2021 around $46,000. The bearish extension into 2022 saw the flagship crypto asset plummet to lows of $17,600 in June, and currently trades below $23,680 after another rejection at the $25k level.
Despite this, a bullish Powell believes it’s still possible for Bitcoin to rally as the year ends for the Lambo and Bugatti dream to come true. However, he does not want to hold his hopes out, especially after what unfolded in 2022.
“I wasn’t expecting all of this crazy, craziness in the macro environment,” he stated, noting that this doesn’t mean he is now bearish.
“I’m still very bullish. I bought Bitcoin again at $18,000 so I’m happy to ride it all the way back up. I’m still very bullish in the long run. You know, the fundamentals keep improving so I would never bet against Bitcoin,” he explained.
Powell’s comments come as the crypto industry looks to exit the rough terrain that has characterised the last several months.
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