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November 10, 2021

Bitcoin To Remain King, but Rest of Crypto Markets Could Be Anyone’s Game: Kraken CEO Jesse Powell

By Daily Hodl Staff

Jesse Powell, CEO of crypto exchange Kraken, says that Bitcoin (BTC) won’t be unseated anytime soon.

In a new interview with Yahoo Finance, Powell says that while BTC will remain the go-to crypto from a store-of-value perspective, Ethereum (ETH) may have some competition in the smart contract realm.

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“I think Bitcoin is still the best at storing value. I think it’s still the best at security. I don’t see Bitcoin being disrupted in the near term.

I think the game for smart contracts is totally up for grabs. I think Ethereum is a dominant player now, but you see Polkadot [DOT] and Solana [SOL] and some other chains coming up that maybe could steal a lot of that thunder from Ethereum with regards to smart contracts.”

The CEO also says that despite the competition between chains, he still foresees a scenario where many cryptos end up coexisting and catering to their own use cases.

“I think we’ll continue to see an evolution of these chains. I think it’s anybody’s game right now. I think we ultimately end up in a world where there are lots of successful chains that are operating simultaneously.”

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Powell previously predicted that that one BTC would eventually be worth one Lamborghini, and then later one Bugatti. For perspective, a new Bugatti costs somewhere between $1.7 million and $3 million.

Bitcoin is currently changing hands at $68,638 at time of writing, while ETH is trading for $4,850.

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