Kraken’s Jesse Powell Says Bitcoin (BTC) Will Exceed $100K This Cycle | Huge Influx of New Traders

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Kraken chief executive Jesse Powell thinks Bitcoin (BTC) is on its way to shattering $100,000.

In a new interview with Bloomberg, Powell, who founded the San Francisco-based cryptocurrency exchange in 2011, says he believes 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.” 

The CEO also says he’s seeing 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.”

As for the Bitcoin price, Powell told a recent roundtable hosted by Pantera that he believes the top crypto is currently at a “massive discount” and on a path toward at least $100,000 over the next two years.

When asked about Bitcoin’s notorious volatility and potential crypto market manipulation, Powell says it’s no worse than what’s happening in traditional markets.

“When you’re talking about manipulation, if you look at the Fed buying junk bonds from failed United States corporations, it’s a joke. The market is manipulated.

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.”

In other trending Bitcoin News Today:

Two Classic Bitcoin Metrics Flash Bullish Despite $9K BTC Price at Risk

Bitcoin (BTC) is again fueling suggestions that it is preparing for price growth as two more indicators flash bullish.

According to fresh data this week, both the Puell Multiple and Mayer Multiple now point to long-term buying opportunities.

As highlighted by Philip Swift, creator of analytics resource Look Into Bitcoin, the Puell Multiple has reentered a key green zone that traditionally picks Bitcoin’s market lows.

In a Markets Report for Cointelegraph, Swift produced a chart which showed the rare occasions that such a move has occurred — recently, it was only during the March crash and in December 2018. On both occasions, Bitcoin then saw considerable upside.

“The halving drop in revenue has presented an opportunity to Bitcoin investors based on a key Bitcoin valuation model,” he summarized.

The Puell Multiple takes the current daily issuance of BTC and divides it by the one-year moving average issuance. As such, halving events, which cut issuance by 50%, are key.

Accompanying Puell is the Mayer Multiple, another classic Bitcoin price indicator, which on June 20 was well within the zone that creator Trace Mayer found produces the best long-term investment gains.

As for the multiple of the Bitcoin price over its 200-day moving average, Mayer states that a score of under 2.4 marks the boundary for success.

At press time, the multiple was 1.13 — far below that level. Furthermore, historically, its score was higher more than 50% of the time.

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Show Notes / News Resources:
- https://dailyhodl.com/2020/06/19/krakens-jesse-powell-says-bitcoin-btc-will-exceed-100000-this-cycle-reveals-huge-influx-of-new-crypto-traders/
- https://dailyhodl.com/2020/06/18/president-trump-directed-treasury-secretary-to-go-after-bitcoin-btc-in-2018-according-to-john-bolton/
- https://cointelegraph.com/news/2-classic-bitcoin-metrics-flash-bullish-despite-9k-btc-price-at-risk

DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

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