‘Never bet against’ it – Exchange CEO reveals $2 million crypto prediction and why he’s still buying Bitcoin as price of Ethereum, Dogecoin and Shiba Inu rise

BitcoinBTC
ethereum and cryptocurrency prices have returned to form in recent weeks, climbing from recent lows as traders brace for a looming “hundred-pound gorilla” that is “getting closer every day.”

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The bitcoin price has risen by 30% since falling to its recent lows of $18,000 per bitcoin, while the ethereum price has risen higher as hype builds over the long-awaited radical upgrade. Over the past week, memecoins shiba inu and dogecoin have seen their prices post double-digit percentage gains as investors bet the US Federal Reserve will change direction and revive the crypto market.

Now the CEO of bitcoin and crypto exchange Kraken has said he would “never bet against bitcoin” and expects to be able to buy a Bugatti with just one bitcoin by the end of 2022 (with a massive $10 trillion crypto game changer perhaps closer than anyone thinks).

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“I bought bitcoin back at $18,000, I’m happy to run it back up,” Kraken CEO Jesse Powell said Bloomberg in an interview this week, adding that he “remains bullish on the long term” due to bitcoin’s “fundamentals” continuing to improve. “I would never bet against bitcoin.”

The bitcoin price has fallen sharply since hitting an all-time high of nearly $70,000 per bitcoin late last year due to an almighty price crash that wiped out about $2 trillion from the combined crypto market.

However, many in the bitcoin and crypto space remain confident that the price of bitcoin, ethereum and smaller cryptocurrencies, including memecoins shiba inu and dogecoin, will eventually bounce back and far surpass their previous highs.

Powell, who has become the subject of controversy in recent months after New York TimesNEW
reported that he had created a “culture war” at the San Francisco-based exchange, and also doubled down on an earlier bitcoin price prediction that one bitcoin could be exchanged for a Bugatti luxury car by the end of 2022 – giving bitcoin a price of between $2 million and $3 million.

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But some fear that bitcoin, ethereum and other major cryptocurrencies could see a short-term pullback after surging higher.

“The possibility of a near-term correction cannot be ruled out, especially after the recent wave of strong gains,” Daniel Kostecki, a senior financial analyst at forex exchange platform Conotoxia, said in an emailed statement.

Last week, TeslaTSLA
Billionaire Elon Musk reiterated his support for the meme-based dogecoin, praising its “transactional throughput” and that it doesn’t take itself “too seriously.” DogecoinDOGE
and its main rival shiba inu have led the major crypto market over the past week in a rally attributed to a return of retail investor activity.

“It’s a manifestation of retail investor activity, similar to the rally in meme stocks that is happening again in the stock markets,” Alex Kuptsikevich, senior market analyst at FxPro, said in an emailed comment.