The price of Bitcoin has been plummeting for over a month few weeks after it reached its all-time high price of $64,000 in mid-April. However, Jesse Powell, the CEO of the crypto exchange Kraken seems like he is still optimistic about the digital token.
Powell, the founder, and chief executive of the 4th largest crypto exchange in the world by trading volume said that he has seen worse than Bitcoin’s price plummet.
“There was a time when Mt. Gox blew up and the price of bitcoin went from $1,000 down to $100 and lost 90% of its value. It’s also gone from $30 down to $2,” Powell said in an interview with Business Insider. “So there have been way bigger moves in the past… there have been some moments in the past where it’s like geez are we ever going to recover from this.”
Powell said that is not worried about Bitcoin, and believes that these crashes have taught him to not keep looking at the prices every single day.
“I always tell people if you’re thinking of investing in crypto, you’ve got to be thinking about holding it for several years because we have these cycles,” he said. “If you are watching the chart every day, you’re just going to get sick because it’s just all over the place.”
In contrast, Powell said that every downward price swing is a change to make a deep analysis of the fundamentals of Bitcoin including re-reading the Bitcoin whitepaper that its pseudonymous creator Satoshi Nakamoto has authored.
“It’s like when you have like a crisis of faith as a religious person, maybe you go and read the Bible or Quran,” he said. “Here you go back and read the bitcoin white paper and you’re like yeah this still makes sense.”
Powell says that Bitcoin will reach 200k price target
According to Powell, Bitcoin’s price swings over the last weeks don’t change a thing about the future of the largest digital token in the world. The CEO of Kraken still believes that BTC will reach $200,000 by the end of 2022 and that it’s “still possible.” In an interview with Business Insider in April, Powell said that he could “easily” eye Bitcoin reaching the $250,000 mark by next year.
“Personally, I’m still super bullish. If you look at the chart longer-term, bitcoin is just still continuing to outperform every other asset in the world,” he said. “If you were going to sell your bitcoin at these levels, I would ask what could be a better trade than bitcoin at $32,000.”
As of this writing, Bitcoin is trading at $38,000 with a market capitalization of $710,087,068, the price decline followed news about using Bitcoin in the hackers attack on the U.S. Pipeline.