Kraken CEO: The Dollar Is Going To Zero Against Bitcoin

Despite underwhelming Bitcoin prices this December, Kraken CEO Jesse Powell remains bullish on its appreciation long-term. In a recent interview, he stated that the dollar is “is going to zero.” Also, he added that seeing Bitcoin under $40k would simply be a buying opportunity. His comments respond to the out of control US inflation, which the Fed has promised to stop asap.

Buy The Dip

Powell made his bold prediction in an interview with Emily Chang of Bloomberg Technology on Tuesday. When asked about the potential for Bitcoin to descend below $40k, Powell agreed that it could happen, but that it’s hard to predict where it’s going from here. Indeed, ever since Bitcoin crashed from cascading liquidations earlier this month, it remains price bound in the upper forty-thousand range. 

Powell shows little concern, however:

“I think a lot of people see anything under $40k as a buying opportunity.” He added “I was personally buying when we dipped back close to $30k a few months ago. I think a lot of people have dry powder on the sidelines just waiting to come back in at rock-bottom prices.”

Chang challenged the CEO’s overly bullish Bitcoin price prediction from months ago, when he predicted the crypto would reach “other dimensions”. In response, Powell admits that he’s always been overly bullish on his specific price predictions since 2011. However, it doesn’t change the asset’s sustained, long-term upwards trajectory. 

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Doom for the Dollar

Rather than Bitcoin, the CEO was far more interested in discussing “where the bottom is” on the US dollar. Referring to rising inflation, he said it was “out of control” and that there’s “no end in sight”.

Days ago, Bitcoin briefly bounced upon the release of US inflation statistics for the month of November. They showed a 6.8% CPI increase since November 2020 – the highest annual inflation in almost 40 years. 

Ever since, both the Federal Reserve Chairman and Treasury Secretary have admitted that inflation is hardly a “transitory” phenomenon. The former now seeks to quickly taper the Fed’s bond purchase program to combat it. 

Powell refrained from making any more predictions for 2022. However, he concluded with the bold claim that “the dollar is going to zero.” 

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His comments echo those of Jack Dorsey months ago, who boldly tweeted that hyperinflation was coming to the United States.