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Bitcoin posted a new all-time high last month when it soared above $58,000. However, the crypto was not able to sustain its momentum and, after a couple of price corrections, BTC is trading at $49,777 at the time of writing based on Coinmarketcap data.
However, a number of the crypto’s proponents are still bullish on Bitcoin’s long-term price trajectory. For instance, Kraken CEO Jesse Powell commented on Thursday that BTC could easily reach a million-dollar valuation per coin within a decade, according to Bitcoin.com.
“We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity,” Powell said. He added that the national currency is “already showing extreme signs of extreme weakness” and people might soon start measure prices in terms of BTC.
The Kraken CEO believes that Bitcoin will eventually replace fiat currencies, becoming the world’s currency in the process. When this happens, it’s possible for its price to skyrocket to around a million dollars per coin, a process that could happen in a decade.
“The true believers will tell you it's going all the way to the moon, to Mars, and eventually it'll be the world's currency,” Powell added, according to Business Insider. “In the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next 10 years is very reasonable.”
Kraken released its February 2021 Market Recap and Outlook report on Friday, which revealed the company’s expectations of the crypto market. “Historic price action shows that bitcoin bull market corrections typically retrace between 70-90%,” Kraken’s researchers wrote on Friday. “When examining long-term trends, our analysts conclude we are still far away from a major market cycle top.”
Reports surfaced last month that the crypto exchange is in talks with a number of firms including Fidelity, Tribe Capital, and General Atlantic to raise new funding that would place its valuation to over $10 billion. Powell also disclosed that the company is considering an IPO next year.
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