- The main reason for the growth will be a limited amount of BTC
- If the forecast comes true, the capitalization of the crypto market will reach $200 million
CEO of cryptocurrency exchange Kraken Jesse Powell did forecast regarding the course of the main cryptocurrency. He believes that bitcoin can reach a price of $10 million. He explained this opinion by the fact that the supply of the coin is only 21 million coins.
If Powell’s prediction comes true, it would result in a market capitalization of $200 trillion, which is 25% of the current world wealth. According to Jesse, the limited supply of bitcoin will lead to an increase in the price of the coin due to its scarcity.
While Kraken’s CEO’s outlook may seem very optimistic to most, bitcoin has seen a meteoric rise since its inception. He managed to go from $1 to $50,000 in just 10 years. Adding optimism is the fact that giants such as Tesla and MicroStrategy have invested billions of dollars in cryptocurrency.
The limited supply of BTC is one of the most significant characteristics of the coin, as it sets it apart from fiat currencies, which are subject to inflationary pressures.
“The fixed supply of bitcoin also means that its price is determined to a certain extent by demand. That is, the cost of the main cryptocurrency will depend on how many people will accept it. This upside potential has attracted the attention of institutional investors who see BTC as a hedge against inflation and a way to diversify their investment portfolios,” Powell said.
The CEO of Kraken also added that the future of bitcoin remains uncertain, but its potential to disrupt traditional financial markets cannot be ignored. Recently, the CEO of Blockstream also predicted the price of bitcoin. Like Powell, he believes the coin could hit the $10 million mark by 2032.
