Kraken CEO Jesse Powell says layer-2 solutions will gradually make Bitcoin surpass gold as a ‘store of value.’ This will make BTC as easy to use as the United States Dollar.
Jesse Powell, the CEO of Kraken, made the prediction during an interview with Bloomberg on June 16, 2020. He was answering questions during Bloomberg Television’s flagship markets program, “What’d You Miss?” Powell told the program hosts Caroline Hyde, Romaine Bostick, and Taylor Riggs; this will happens as soon as there are sufficient tools in the ecosystem. Powell said there was no longer a need to transfer Bitcoin on the blockchain because of its ‘Layer 2’ solutions. He explained:
“Pretty soon, all of the technology behind Bitcoin will just disappear. It’ll be just like the U.S. dollar where no one really understands how it works, but everyone uses it.”
Kraken CEO Jesse Powell believes layer-2 solutions will gradually make Bitcoin surpass gold as a ‘store of value.’ Accordingly, they will make BTC as easy to use as the United States Dollar.
Jesse Powell, the CEO of Kraken, was speaking during an interview with Bloomberg on June 16, 2020, when he made the prediction. He was answering questions during Bloomberg Television’s flagship markets program, “What’d You Miss?” Powell told the program hosts Caroline Hyde, Romaine Bostick, and Taylor Riggs; this will happens as soon as there are sufficient tools in the ecosystem. Powell said there was no longer a need to transfer Bitcoin on the blockchain because of its ‘Layer 2’ solutions. He explained:
“Pretty soon, all of the technology behind Bitcoin will just disappear, and it’ll be just like the U.S. dollar where no one really understands how it works, but everyone uses it.”
According to Powell, there are improvements already going in regarding Bitcoin’s practical nature. However, he believes that what will spur the transition will be the eventual timing of institutional investors getting on board. This step will create a herd mentality as they recommended Bitcoin as a hedge against the U.S. Federal Reserve’s current manipulation of the dollar.
Powell explained that regardless of Bitcoin’s increasing association with the U.S. stock market, users have accepted it a store of value due to its finite predictable supply. This, he said, is evidenced by the number of hedge funds, wealth managers, and retail players signing up into Kraken and other exchanges. According to Powell, it’s only a matter of time before Bitcoin surpasses gold as a store of value asset since there won’t be an asteroid where you can mine it.
He added that just like gold and cash, people would no longer need to transfer “physical” Bitcoin on the blockchain. He cited examples of payment providers like PayPal and Venmo that facilitate the movement of fiat currencies in non-physical form. According to Powell, layer-2 solutions will soon make Bitcoin an easy-to-use and interact with asset:
“Pretty soon, all of the technology behind Bitcoin will just disappear, and it’ll be just like the U.S. dollar where no one really understands how it works, but everyone uses it.”
As reported by Blockchain Reporter, the Federal Reserve has printed ‘trillions of dollars’ to pump up publicly-traded stocks as a step that is likely to cause hyperinflation. He predicted a future without fiat currency:
According to Powell, there are improvements already going in regarding Bitcoin’s practical nature. However, he believes that what will spur the transition will be the eventual timing of institutional investors getting on board. This step will create a herd mentality as they recommended Bitcoin as a hedge against the U.S. Federal Reserve’s current manipulation of the dollar.
“You can’t price anything in dollars anymore. The inflation is going to be out of control very soon here. I would be buying Bitcoin as a hedge against that inflation.”
Powell said that regardless of Bitcoin’s increasing association with the U.S. stock market, users have accepted it a store of value. This is due to its finite predictable supply. This is evidenced by the number of hedge funds, wealth managers, and retail players signing up into Kraken. He said it’s only a matter of time before Bitcoin surpasses gold as a store of value asset since there won’t be an asteroid where you can mine it.
He added that just like gold and cash, people would no longer need to transfer “physical” Bitcoin on the blockchain. He cited examples of payment providers like PayPal and Venmo that facilitate the movement of fiat currencies in non-physical form. According to Powell, layer-2 solutions will soon make Bitcoin an easy-to-use and interact with asset:
“Pretty soon, all of the technology behind Bitcoin will just disappear, and it’ll be just like the U.S. dollar. No one really understands how it works, but everyone uses it.”
As reported by Blockchain Reporter, the decision by Federal Reserve to print ‘trillions of dollars’ to pump up publicly-traded stocks will likely to cause hyperinflation. He predicted a future without fiat currency:
“You can’t price anything in dollars anymore. The inflation is going to be out of control very soon here. I would be buying Bitcoin as a hedge against that inflation.”
