Bitcoin’s price volatility will persist in the near term, and we could see prices in a range from $28,000 to $1 million per coin — potentially in the next decade. This view was expressed by Kraken co-founder and CEO Jesse Powell in an interview with Bloomberg.
He believes Bitcoin’s price volatility will not ease despite the arrival of institutional investors.
Therefore he says Bitcoin is ‘not for the faint-hearted,’ and that instead of day trading, one should adopt a ‘hold’ strategy.
Powell noted that Ethereum, the second-largest cryptocurrency by market capitalization, grew even more than Bitcoin over the past year. In his view, the explosive growth of DeFi played a significant role in this.
“This is a huge success story against the backdrop of a major protocol upgrade. I think Ethereum, like Bitcoin, has a very bright future. I believe — this is another asset that people should pay attention to if they are looking for something else to enter the cryptocurrency industry,” said Kraken CEO.
He is confident there is no risk of a “hasty market squeeze” from regulators. In his words, they are increasingly recognizing the danger of attempts to suppress cryptocurrencies.
“There will be a grand backlash,” Powell says.
As noted, Insider co-founder Henry Blodget also believes that Bitcoin could rise to $1 million.
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