The chief executive officer for cryptocurrency exchange Kraken says that he is “still bullish” on the price of Bitcoin and that global economic factors will begin to work in BTC’s favor.
Speaking in a recent interview with Bloomberg Technology, Kraken CEO Jesse Powell said that he still held a positive outlook for Bitcoin’s price despite the crypto asset failing to break $100,000 last year.
As reported by The Daily Hodl, Powell said,
I’m still bullish on the price you know. A lot of us thought that we were going to get over $100,000 last year, but you know you can’t predict these things.
Powell pointed to a number of factors with positive implications for Bitcoin’s price, including an economic climate that is proving use cases for crypto. He noted that inflation was at an all-time high since the 1980s, with grocery prices reflecting an even greater increase. Compared to the lagging dollar and other national currencies, Powell argued that Bitcoin’s store-of-value properties were becoming more attractive.
He also argued that the clampdown on protests and “legitimate fundraising efforts” were giving more reason for investors to believe in Bitcoin’s long-term value. Powell’s comments came in the wake of a Canadian scandal involving the Freedom Convoy truckers’s struggles with receiving funds via centralized crowdfunding platforms such as GoFundMe due to a government crackdown against the vaccine mandate protesters.
Powell argued that Bitcoin was managing to solve “real-world problems,” and giving people alternatives to an increasingly restrictive fiat monetary system.
You know Bitcoin is more than price speculation. It’s solving real-world problems like we’re seeing in Canada where you have fundraisers being shut down by the government or by centralized fundraising platforms and Bitcoin is circumventing that and getting around that and getting money directly to the people.
Powell concluded by saying that Bitcoin is a “vote for freedom.”
And yesterday, the Kraken CEO had this to say about orders by the Canadian authorities to freeze crypto on centralized exchanges belonging to wallets associated with the protesters and their supporters.
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.