One BTC will be worth a Lambo by 2022, and a Bugatti by 2023: Kraken CEO
In an interview with Bloomberg, Kraken CEO Jesse Powell explained why he thinks long-term predictions of the bitcoin price based on the dollar are wrong and pointed to the inflationary nature of fiat currencies.
In response to a question to Powell about year-end price expectations, the Kraken CEO said: I think I said bitcoin is going to infinity, which is hard to understand because I measure it in dollars.
Powell proposed alternative measures of bitcoin’s valuation and speculated that bitcoin’s value could rise from its current price of one BTC per Tesla Model 3 to one bitcoin per Lambo by the end of the year and one bitcoin per Bugatti by 2023. Powell added:
For the crypto community, these types of assets are easier to value for bitcoin because you never know where the dollar will stand. In a year there can be 10 times as many US dollars, so it is very difficult to measure bitcoin against the dollar.
If bitcoin spent most of 2019 and the first half of 2020 with a used 2010 Honda Civic, it was possible to buy a new Civic with bitcoin when the price hit a new all-time high at the end of the year.
In response to a question about Ethereum, Powell stressed the importance of a thriving, non-disruptive token industry: All the activities of the NFT really promote the use of Ethereum.
Powell also highlighted the uncertainty of when the redesign of Ethereum2 will be complete, noting that Ethereum contract fields are currently in the process of phasing out Ether.
Speaking of altcoins, Powell pointed to the buzz around Polkadot, referring to perceptions that the network could be the next Ethereum, due to scale and advisory issues.
There are a lot of other coins that operate on this network, and I think you’ll see a lot of things that were on Ethereum transfer to Polkadot, he said, noting the lower transaction fees associated with Polkadot.
Polkadot aims to offer more speed and efficiency than other cryptocurrencies by processing transactions using a parachain architecture with multiple blockchains running in parallel. Although parachute networks have not yet launched on Polkadot’s core network, last week the ecosystem network Acala became the first project to implement a parachute lock on Polkadot’s test network Rokoko.
Although sharding is on Eth2’s roadmap, Ethereum co-founder Vitalik Buterin said earlier this month that his developers are currently prioritizing a chain merger between Ethereum and Eth2. Buterin also expressed confidence that the back-end roles will enable the network to scale sufficiently in a short period of time, while sharding is not a development priority. The Optimism Roles Network has now been postponed until July.
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