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.”