Kraken CEO Says Bitcoin Hitting $1M In 10 Years 'Very Reasonable'

Jesse Powell, CEO of the major U.S based cryptocurrency exchange Kraken, believes that Bitcoin will eventually replace all of the world's currencies.

What Happened: In an interview with Bloomberg on Thursday, Powell said that Bitcoin would soon be worth the market cap of the U.S dollar and the Euro combined.

“I think a million-dollar price target within the next ten years is very reasonable,” he said, adding that the pace at which the U.S continues to print money is certainly a contributing factor.

Powell commented that Bitcoin had absorbed a lot of that inflation, and according to him, people are increasingly looking to Bitcoin as a safe haven asset when the value of their “savings account” returns less than 0.001% a year.

See also: How to Buy Bitcoin (BTC)

“I think we’re going to continue to see more people pile into it (Bitcoin),” said Powell, adding that, “The younger demographic is certainly taking notice of it and they see it as a better version of gold.”

Why It Matters: Kraken is currently the second most dominant U.S based cryptocurrency exchange after Coinbase.

Last year, the crypto exchange was granted a banking license by the state of Wyoming, making it the first cryptocurrency exchange to be granted a license of this nature.

In a recent blog post, Kraken revealed that it is currently gearing up to launch Kraken Bank with David Kinitsky as the CEO of its new venture.

Kinitsky has worked at Fidelity, Circle, and took the lead in setting up Grayscale, structuring its first and flagship product – the Grayscale Bitcoin Investment Trust, which now has over $33 billion in assets under management.

According to him, “Bitcoin is as American as apple pie. Its values are exactly the same as American values – free speech, free association, free enterprise, individual liberty, property rights, and so on.”

Kinitsky also stated that it would be critical that the U.S. maintain a position in this emerging industry to ensure its global competitiveness and “national economic security.”

Image: Austin Distel via Unsplash

Posted In: BitcoincryptocurrenciesexchangeKrakentradingCryptocurrencyFintechNewsManagementMarketsGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.