Jesse Powell, CEO of crypto exchange Kraken, is doubling down on his huge year-end price prediction for Bitcoin despite the deep pullback that saw BTC losing over 50% of its value from the all-time high.
In an interview with Bloomberg, the Kraken chief says he stands by his previous statements that by the end of 2021, one Bitcoin will be worth around one Lamborghini.
“I stand by that. So look, you can buy a Ford delivery of a Lambo now at a discount, a cheap $37,000. Lots of people are buying the dip. Personally, I’m Googling how to sell my kidneys at this point. Turns out it’s illegal…
I think people are getting ready to go on ramen diets to buy Bitcoin at these levels. I think just everything with what’s happening in Miami right now, the excitement around the space is so hot. I think people see this growing massively. So I’m not worried about this little dip. We’ve seen this over and over. Crypto is a rollercoaster. You got to be able to have an iron stomach to tolerate the ride, but the gains are massive for those who can handle it.”
Powell adds that new investors should not be betting their rent money on Bitcoin and should not view it as a week-to-week swing trade. According to him, a five to 10-year time preference is the best way to go for Bitcoin investing.
“People should absolutely not be betting any more than they can afford to lose. It’s still a very risky investment. But obviously over time, if you look at the chart, ten years ago Bitcoin was trading at a dollar, today $36,000. Year-over-year it’s up 200%, so long term, it’s an absolutely fantastic investment from my point of view.”
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