- Kraken CEO Jesse Powell says he still expects the bitcoin price to rally in 2022, even though he acknowledges the risks of new downsides.
- Powell predicted that the previous rally could see ‘Bugatti for 1 BTC’ buying.
- Bitcoin is currently trading near $23,680.
Kraken CEO Jesse Powell says that he is still optimistic on Bitcoin (BTC) and given this, he still prefers to buy Bugatti with one BTC. He did not bet against the flagship cryptocurrency, he told “Bloomberg Crypto” in an interview.
Powell also commented on the US Treasury’s sanctions against crypto mixing platform Tornado Cash, viewing the move as “unconstitutional“And a”knee-jerk reaction“After the recent turmoil in crypto.
According to him, the sanctions are going to face a constitutional challenge.
Bitcoin Could Rally Higher in 2022, Says Powell
In 2021, as the price of bitcoin rises, Powell told Bloomberg that by the end of the year, one BTC will be able to buy Lamborghini – a derivation of the Crypto Twitter phrase ‘when Lambo’ when a bitcoin buys a Lamborghini. He also predicted that ‘one bitcoin per Bugatti’ would appear at the end of 2022.
But bitcoin rose slightly above $69,000 in November last year and then closed around $46,000 in 2021. The bearish extension into 2022 saw the major crypto asset hit a low of $17,600 in June, and is currently trading below $23,680 after another rejection at the $25k level.
Despite this, an enthusiastic Powell believes that it is still possible for bitcoin to rally as the year ends for Lambo and Bugatti’s dreams to come true. However, he doesn’t want to dash his hopes, especially after what unfolded in 2022.
“I wasn’t expecting this crazy, craziness in a macro environmentHe said, noting that it does not mean that he is in a recession now.
,I’m still too fast. I bought bitcoin again for $18,000, so I’m happy to return it in full. I am still very bullish in the long term. You know, fundamentals keep improving so I would never bet against bitcoin,” he explained.
Powell’s remarks come as the crypto industry seeks to break out of the rough terrain that has characterized the past several months.