Powell believes that the US dollar will lose value, so he recommends buying products and services with financing. He also advises investing in Bitcoin rather than the American fiat currency as the letter loses value.
The CEO of cryptocurrency exchange Kraken, Jesse Powell, recently talked about the present and future of the US dollar and Bitcoin.
The businessman thinks that it is hard to predict where the price of Bitcoin will head. He admitted that he is paying more attention to the US dollar now that people wonder where its bottom is. He explained that inflation seems out of control, and there are no signs that it will end.
In August, the founder of Kraken forecast that the price of Bitcoin would reach USD 100,000 at the end of 2021. In that sense, he said he should stop making predictions due to his mistake, as the cryptocurrency is trading at USD 47,700. However, Powell does not recommend keeping savings in US dollars and advises investing in Bitcoin for the long term.
He advised stocking up on gas and milk, besides prepaying medical bills and student fees, as ways to offset inflation. Similarly, he recommended buying products and services with financing since he believes interest rates will turn negative. However, he warned that people must do that practice with caution. Everyone should pay the debts they take on according to their economic level.
The United States is undergoing the highest inflation in the last 39 years, said Powell and other different public figures. Robert Kiyosaki, the author of Rich Dad, Poor Dad, and businessman Elon Musk, the CEO of Tesla, are only two examples. They both disagree with the economic policies of Joe Biden and encourage their followers to invest in Bitcoin to get rid of US dollars.
Investors Should Think of the Long-Term Bullish Trend of Bitcoin
Powell said he had thought ten years ago that everybody would travel on flying saucers and pay for coffee with Bitcoin. With that example, he means it is hard to know where it will go. However, the long-term trend line of Bitcoin suggests that its level of adoption is growing.
Regarding his predictions, it is now possible in countries like Argentina to buy coffee with Bitcoin. The same happens with McDonald’s in El Salvador, where the cryptocurrency became legal tender. Therefore, although it is not yet a global situation, his dreams were not too far from reality.
Jesse Powell advised thinking of Bitcoin as an investment of more than five years, as it constantly goes up and down. However, although there are still no flying saucers, the growing interest in Bitcoin from less experienced investors is considerable.
In addition, the CEO of Kraken said that many speculators believe that Bitcoin will soon drop below USD 40,000. As an investor in the pioneering cryptocurrency, he explained that this fall could mean a buying opportunity, as it tends to appreciate in the long term.
By Alexander Salazar
