As national currencies are already showing extreme signs of weakness, people will soon start measuring the price of things in terms of bitcoin, says Jesse Powell, CEO of cryptocurrency trading exchange Kraken.
“I think true believers will tell you it’s going all the way to the moon, to Mars, and eventually it’ll be the world’s currency,” Powell added.
According to Powell, “In the near term, people see it (bitcoin) surpassing gold as a store of value, so I think a million dollars as a price target within the next 10 years is very reasonable.” Bitcoin believers expect the cryptocurrency to replace fiat money and the market capitalization of all national currencies combined could make up its worth, he said.
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The price of bitcoin dropped almost four percent to $ 49,596 as of 13:50 GMT on Thursday. However, the world’s most popular cryptocurrency is up 70 percent year-to-date. Bitcoin slid after the nominee for chairman of the US Securities and Exchange Commission Gary Gensler said making sure that cryptocurrency markets are free of fraud and manipulation is a challenge for the agency. Gensler has been viewed as a strong advocate for digital assets.
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