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.”