Bitcoin will be the world’s currency and “you have to think it’s going to infinity,” said Jesse Powell, the CEO of the cryptocurrency exchange Kraken, in an interview Bloomberg on Wednesday.
Kraken — San Francisco-based cryptocurrency exchange is reportedly in talks about raising new funding. This would eventually double the company’s valuation to more than $10 billion, said Bloomberg a report.
National currencies are “already showing extreme signs of weakness,” Powell said. He continued to explain the world would soon start considering Bitcoin. He said, “The true believers say it’s going to the moon and will eventually be the world’s currency.”
Nevertheless, Bitcoin price might suggest the contrary. The price of the leading digital currency fell from $58,000 to $45,000 last week. Currently, it’s trading $48,505 as of this writing. Bitcoin’s price plunge followed a severe correction in the cryptocurrency market which resulted in massive losses to investors. However, the largest cryptocurrency by market capitalization is still up 70% year-to-date.