Bitcoin To Hit $100k This Cycle
There have been all kinds of optimistic predictions about the price of Bitcoin these days following the halving that took place back in May.
But, Bitcoin did not make too impressive moves in terms of pricing. On the other hand, the king coin was able to re-test the important $10k more than once.
Bitcoin has been consolidating above $9,000 for quite a while now.
At the moment of writing this article, Bitcoin is trading in the green, and the king coin is priced at $9,406.85.
Bitcoin to hit $100k
Kraken chief, Jesse Powell said that Bitcoin would definitely hit $100k.
During a new interview with Bloomberg, Powell said that he believes that the US dollar is heading towards inflation due to the Federal reserve’s manipulation of the market.
He views Bitcoin as a hedge.
“People are flocking to it as a safe haven because of that finite, predictable supply. We’re not going to mine an asteroid of Bitcoin any time soon. No one can print Bitcoin, so it’s very predictable and people are flocking to it for that reason,” he said.
He also made sure to point out the fact that there’s a huge diversity of new Bitcoin traders flooding the market.
“In the past three months we’re seeing a massive influx of new accounts from all personas, so we’re seeing hedge funds, we’re seeing wealth managers, we’re seeing retail investors, we’re seeing day traders. Everyone is signing up for it,” he explained.
Powell said that at the moment, Bitcoin is at a discount, and the king coin is on its way to $100k. He believes that the most important coin out there will be hitting this number in about two years.
“They’re printing millions of dollars to pump up the value of publicly traded stocks. You can’t price anything in dollars anymore. The inflation is going to be out of control very soon here. Personally, I would be buying Bitcoin as a hedge against that inflation.”
We recommend that you check out the complete Bloomberg interview.
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Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.