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Because of Bitcoin’s market success in recent weeks and months, many crypto-proponents have expanded on what they expect from the crypto-market in the long term. Jesse Powell, CEO of Kraken, is the first to do so, speaking on a recent Bloomberg episode to discuss his thoughts on Bitcoin, Ethereum, and Polkadot.
In terms of Bitcoin, Powell indicated that relying on faulty dollar-based long-term price forecasts for Bitcoin is a poor idea, particularly given the inflationary existence of fiat currencies. Instead, Powell compared Bitcoin to properties such as automobiles.
“Bitcoin may increase from its current price or one BTC per Tesla Model 3 to one Bitcoin per Lambo by the end of the year, and to one Bitcoin per Bugatti by 2023.”
When asked about Ethereum, he estimated that it will be worth about $2,000 by the end of 2021. According to the Kraken executive, the thriving non-fungible token market, like DeFi last year, may be critical to the development of the world’s largest altcoin, considering the fact that the transition to 2.0 is still unclear.
“All of the NFT activity is really driving up the use of Ethereum.”
The transition from Ethereum to Ethereum 2.0 has been an exciting one for Powell and Kraken. In fact, the same was evident in a recent public statement issued by Kraken,
“We are pleased to announce that the total amount of ether staked through its platform has now surpassed 500,000 ETH, as the Ethereum community continues to express its support for the much-awaited transition to proof of stake (PoS).”
“There are a lot of other coins that are being launched on top of this network, and I think you’ll see a lot of things that were on Ethereum be ported over to Polkadot.”
Polkadot has created a lot of hype, with DeFi platform Acala Network being the first to win a parachain slot on the Rococo testnet. On March 26, Acala, Polkadot’s self-described decentralised finance centre, declared that it had won the slot.