Cryptocurrency

Kraken CEO hopes to buy a Bugatti for 1 Bitcoin by year-end

Jesse Powell, CEO of San Francisco-based exchange company Kraken, recently said: bloomberg He was still bullish on Bitcoin and wanted to buy a Bugatti for 1 Bitcoin by the end of 2022.

As Mr. Powell joined Bloomberg Exclusive, he recalled his predictions from last year. When Powell hosted on the same show in 2021, he said:

“Maybe by the end of the year [2021] That’s 1 bitcoin per Lambo, probably by the end of next year [2022] 1 bitcoin per Bugatti company. โ€

At the time, Bitcoin was trading at around $48,000. When Powell remembered his prediction on August 26th, he didn’t back down. He said he didn’t expect the winter market to hit so hard, but that he expects to buy one Bugatti with Bitcoin by the end of the year. I was. 2022.

Bitcoin is trading at around $24,000 at the time of writing, with luxury car brand Bugatti’s model It fluctuates between $1.9 million and $3.3 million.

Powell said he remains very bullish on Bitcoin.

โ€œI bought bitcoin again for 18,000 and would happily go back. I am still bullish on the long term and the fundamentals keep improving. I will never bet on bitcoin.โ€

Kraken

As soon as the winter situation became clear, most major cryptocurrency exchanges laid off some of their staff. Kraken is not complicit in the layoff trend. This suggests the company is not experiencing financial difficulties supporting his 3,200 staff.

But the exchange had another problem. On June 15, 2022, Kraken’s CEO made headlines for allegedly berating his employees, claiming they were unsuitable for the company’s culture. Digging deeper into the topic, The New York Times reported that Powell created a toxic environment by “launching a culture war” within the Kraken.

A month later, in July 2022, the U.S. Treasury Department launched an investigation into Kraken to determine whether it violated U.S. sanctions by allowing users in sanctioned territories to trade cryptocurrencies. It was started. The US has hinted at sanctions against Iran, North Korea, Cuba, Syria and certain parts of Ukraine. When the Treasury Department launched an investigation, it turned out that Kraken allowed users in Iran, Syria and Cuba to trade its tokens.

bullish on crypto

While they don’t expect Bitcoin to see Bugatti prices, many cryptocurrency executives are also bullish on Bitcoin, believing it will surge after winter conditions are over.

Bloomberg senior commodities strategist Mike McGlone said he expects Bitcoin to reach $100,000 by 2025.

A few days later, Galaxy Digital CEO Michael Novogratz also spoke about his predictions for Bitcoin, stating that it will reach $500,000 by 2027. He analyzed adoption rates and bear market numbers and concluded that the winter market was just a “bump on the road.” By adoption, not by U-turn. โ€

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