Kraken cryptocurrency exchange CEO Jesse Powell says the prevailing global political and economic climate is demonstrating the importance of Bitcoin (BTC).
Powell says in a Bloomberg interview that he is bullish on Bitcoin despite the flagship cryptocurrency failing to hit $100,000 in 2021.
“I’m still bullish on the price you know. A lot of us thought that we were going to get over $100,000 last year, but you know you can’t predict these things.”
According to Powell, the prevailing geopolitical environment is presenting use case opportunities for Bitcoin as a store of and a tool for transferring value.
“What we see are continuing use cases and continuing reasons for people to use Bitcoin. I mean inflation is at an all-time high since the 80s, and that’s the stated inflation. We all know when we go to the supermarket that inflation is way beyond 7.5%.
That combined with the controls, the clampdown on these protests and legitimate fundraising efforts I think shows that the use case for Bitcoin is getting stronger and stronger. And there’s just more and more reason to believe in it long term.”
One recent example includes Canadian truckers turning to crypto for fundraising efforts after a government crackdown and centralized crowdfunding tools such as GoFundMe turned them away.
Powell consequently says that Bitcoin is “solving real-world problems” as exemplified by the Canadian trucker protests.
“You know Bitcoin is more than price speculation. It’s solving real-world problems like we’re seeing in Canada where you have fundraisers being shut down by the government or by centralized fundraising platforms and Bitcoin is circumventing that and getting around that and getting money directly to the people.
So you know, I think it’s a vote for freedom.”
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