The Kraken CEO says that Satoshi Nakamoto, Bitcoin’s founder predicted a bigger financial bubble than the one in 2018. Jesse Powell, the CEO of one of the biggest crypto exchanges, said in an interview that Nakamoto may have foreseen an even bigger recession as we are reading more in the upcoming Bitcoin news today.
According to the Kraken CEO, Bitcoin’s anonymous creator might have predicted a bigger financial crisis than the one in 2018. During the Real Vision Crypto Gathering Webinar, Powel talked about a lot of insightful things but things started getting interesting when the conversation moved to the 2008 recession and the 2012 banking crisis. Powell explained that Satoshi could have predicted a bigger economic disaster and remarked:
… I think Satoshi thought it was for that time may be, saw an ever bigger bubble coming and even worse outcome coming given how we handled the last financial crisis. You know bailing everyone out just delayed the inevitable,….. allowed this extremely fragile system to continue hobbling along..”
He continued by saying that Bitcoin was a way for Satoshi Nakamoto to step out of this system and to have something predictable and real. The CEO admitted that Bitcoin has been extremely volatile in the short-term but he feels that in a longer period of time, the number one cryptocurrency has proven to be a great store-of-value. The Real Vision CEO remarked about the amazing performance Bitcoin had and said that BTC is still the best performing asset of all time, saying:
“…It’s an extraordinary thing and it just feels that [Bitcoin] is becoming more and more relevant. I mean there’s a US dollar crisis going on right now, a shortage of US dollars… central banks [are] talking about digital currencies, which is desperate, but it’s creating the on ramps and off ramps to the digital world that you envisaged… It feels like that’s all coming..”
Furthermore, Jesse said that central bank digital currencies will have the same problems fiat currencies have, including unlimited money printing or forgery. Despite them being sanctioned, CBDCs will open up more doors for people to get into Bitcoin. Fiat currencies will be the gateway drug that will get people into something such as Bitcoin. On being asked about the next five years, the Kraken Chief said that Bitcoin will continue seeing more adoption and will become a regular app where the users don’t have to think too much about the complexities.
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