In times when the Bitcoin price news are showing another minor decline and BTC is still in the four-digit area at 50% below its $20,000 all-time high, the Kraken CEO and early Bitcoin adopter Jesse Powell thinks that Bitcoin can definitely surpass gold and its $10 trillion market cap.
Still, the fact that Bitcoin (BTC) is at half of its all-time high now does not stop investors and traders to believe in the coin more. According to the Kraken CEO, there is a bright future ahead for the leading cryptocurrency.
Powell noted that BTC could eclipse gold in the coming years, especially as its 21 million supply cap starts playing a major role in the dynamic of this nascent marketplace. On June 16, we saw how the Kraken co-founder and early BTC adopter Jesse Powell shared all of this with Bloomberg, discussing his latest insights on the crypto market.
— Matt Case (@matthewryancase) June 16, 2020
As he argued, BTC is already a store of value investment. The Kraken CEO is sure about its consistency, citing how the chart of the asset has consistently been “up and to the right” from its macro perspective.
“People are flocking to it as a safe haven because of its finite, predictable supply. No one can print it,” he added.
All of this, according to him, will help Bitcoin (BTC) to eventually “surpass gold as a store of value.” Currently, the market capitalization of gold is estimated to be around $9 to $10 trillion.
As the Kraken CEO noted, Bitcoin surpassing gold would mean that each BTC will be in the $450,000 to $500,000 range – which is a rally of more than 4,500% from the current prices. His expectations that Bitcoin will eclipse the precious metal have been echoed by many other prominent names in the crypto industry.
One of them is Raoul Pal, a former Goldman Sachs executive and hedge fund manager who recently wrote a newsletter to Max Keiser, saying that BTC reaching $500,000 is feasible because cryptocurrencies are poised to become “a whole ecosystem” on a macro scale.
“If it becomes an ecosystem, and we believe it will be and it will take the whole ecosystem with it as well, then yes, I think a $10 trillion number is easily achievable within that process,” Pal said.
Mark Yusko from Morgan Creek Digital also weighed in and said that BTC reaching $400,000 to $500,000 is something that is feasible.
“All of the fundamentals of the value of the network are rising — and they’re rising exponentially. And so you’re getting this parabolic growth curve. […] By 2025, we’re likely to see $250,000 bitcoin, and then sometime out 2030 we could see $400,000 or $500,000 bitcoin as it reaches gold equivalence.”
The crypto news today show a minor decline which is expected to follow a green movement.
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