Sunday, August 14

Chronicle of a death foretold: the dollar plummets against bitcoin

Key facts:
  • Jesse Powell believes that the dollar will devalue, so he recommends buying with finance.

  • He also advises making long-term investments in bitcoin.

Jesse Powell, the founder and director of cryptocurrency exchange Kraken, revealed his thoughts on the present and future of the dollar, as well as bitcoin, in an interview with Bloomberg reporter Emily Chang on December 14.

“It is difficult to predict where the price of bitcoin will go; I’m actually paying more attention to the US dollar these days when we wonder where its bottom is, ”Jesse Powell said in the reportage. The businessman explained “it seems that inflation is out of control and there is no end in sight.”

The CEO of Kraken, who in August had envisioned bitcoin at $ 100,000 at the end of the year, confessed: “I know maybe I should stop making predictions” because of his folly. Right now, the cryptocurrency is trading at $ 47,700, according to the CriptoNoticias calculator. However, in the interview JEsse Powell said that for 2022 he does not recommend holding savings in dollars and advises investing in bitcoin for the long term.

He particularly advised Americans to stock up on gas and milk right now to offset inflation, as well as prepay medical bills and student fees. In addition, he advised buying products or services with financing, since he considers that interest rates will turn negative, although it is vital to do this type of practice with awareness. The debts to be taken must be possible to pay according to the economy of each one.

The CEO of the cryptocurrency platform Kraken believes that bitcoin tends to increase in value and the dollar the opposite. Source: Screenshot /

Nowadays, The United States is experiencing the highest inflation in the last 39 years, with which different public figures have expressed the same thought of Jesse Powell. Robert Kiyosaki, the author of the book “Rich Dad, Poor Dad,” and businessman Elon Musk are two examples. They both criticize Joe Biden’s economic policies and defend investing in bitcoin to get rid of dollars.

Think about bitcoin’s long-term uptrend, says Kraken CEO

Jesse Powell said with a laugh that ten years ago he thought that now we would all be flying in flying saucers and paying for coffees with bitcoin. Using this example, you point out that it’s hard to tell where it’s going, but if you look at bitcoin’s long-term trend line, adoption is growing.

In fact, regarding your desire, it is worth clarifying that CriptoNoticias has already reported that in countries like Argentina it is possible to buy a coffee with bitcoin. The same happens with McDonalds orders, for example, in El Salvador, where the cryptocurrency became an official one to operate. So his dreams were not too far from reality, even if it is not a global situation.

“If you’re thinking of buying bitcoin, think of it as an investment of more than five years, as it goes up and down day by day, week by week,” said Jesse Powell. On this, Emily Chang pointed out that, although there are no flying saucers yet, the growing interest in bitcoin from less experienced investors is notable.

The CEO of the cryptocurrency platform Kraken also took the opportunity to say that many speculators believe that bitcoin will fall below $ 40,000 coming soon. As an investor in the cryptocurrency, he assures that this fall could mean a buying opportunity, since in the long term it tends to appreciate.

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