On Friday (June 4), Jesse Powell, Co-Founder and CEO of crypto exchange Kraken, shared his latest thoughts on Bitcoin ($BTC).
These comments were made during an interview with Emily Chang on “Bloomberg Technology” a day after Kraken released a new mobile app “perfect for beginners just starting out in crypto, or experienced traders looking to quickly and conveniently buy or sell on the go.”
When asked by Chang for his outlook on crypto in the U.S., he said:
“Obviously, it’s a super hot market right now, and the United States is a huge market. We’re really excited to to finally offer a retail product to the market. Our pro app has been available for a while, but this really completes the package for us in the United States. It allows people to to buy directly from their bank account and sell directly into their bank account. That’s a huge convenience for people. It’s something that people have been asking for for a long time. We think the opportunity in the United States is awesome. We’ve been super successful within the rest of the world. So, we’re just planning for more success here.“
Chang also asked Powell about his end of year price prediction for Bitcoin (i.e. that one Bitcoin would be worth one new Lambo or roughly $200K).
“I stand by that. Look, you can buy a forward delivery of a Lambo now at discount, at a cheap $37,000. You know, lots of people are buying the dip. Personally, I’m googling like how to sell my kidneys at this point. Turns out it’s illegal. So much for my body, my choice, but look, I think you know, people are getting ready to go on ramen diets to buy Bitcoin at these levels.
“I think that, you know, just everything that’s happening in Miami right now, the excitement around the space is so hot. I think people just see this growing massively. So not worried about this little dip. You know, we’ve seen this over and over. Crypto’s a roller coaster — you got to be able to have an iron stomach to tolerate the ride, but you know, the gains are massive for those who can handle it.“
Chang then asked Powell if it is wise for people to put everything they have into Bitcoin.
The Kraken CEO answered:
“Absolutely. Don’t invest anything more than you can afford to lose. Don’t don’t gamble your rent on Bitcoin. The price is up and down fifty percent in any given week. So you’ve really got to be able to think about this investment and hold for five to ten years. You know, don’t think about this as a week to week swing trade. People absolutely should not be betting any more than they can afford to lose. It’s still a very risky investment… Long term, it’s an absolutely fantastic investment from my point of view. I absolutely would not put a hundred percent of my portfolio into Bitcoin, or I would not put my rent money into Bitcoin.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.