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One coin, one supercar! Kraken CEO: Bitcoin may be equivalent to a Lamborghini by the end of the year, and possibly a Bugatti next year.

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One coin, one supercar! Kraken CEO: Bitcoin may be equivalent to a Lamborghini by the end of the year, and possibly a Bugatti next year.

During a recent interview, Jesse Powell, the CEO of the exchange Kraken, made a surprising statement about the value of Bitcoin, sparking anticipation within the crypto community. He also believes that Polkadot (DOT) will be another rising star in the public blockchain sector.

Difficulty of Valuing Bitcoin in US Dollars

The host first asked Powell about his price prediction for Bitcoin by the end of the year, but Powell pointed out that due to the inflationary nature of fiat currencies, there are flaws in predicting the price of Bitcoin based on the US dollar. He said:

When I say that the value of Bitcoin will reach infinity, it may be hard to understand because I am measuring it in dollars.

Powell believes that it is more reasonable to value it in a different way. He stated:

I can value it by saying one Bitcoin equals one Tesla, just as right now one Bitcoin is worth about a Tesla Model 3, so by the end of the year it might be worth a Lamborghini, and by the end of next year it might be worth a Bugatti.

Powell continued by saying:

For me or the crypto community, it is easier to measure the value of Bitcoin in these assets because you never know how many dollars have been printed. A year from now, the circulation of dollars may be 10 times what it is now, so valuing Bitcoin in dollars is difficult.

Bullish on the Rise of Polkadot

The host also inquired about market developments beyond Bitcoin, including the increasing interest of investors in Ethereum and Cardano ADA. He also asked Powell for a price prediction by the end of the year. Interestingly, Powell skipped over Cardano:

Ethereum is currently in the process of 2.0, the proof of stake mechanism further locks the circulation of Ether, and the activity in various DeFi protocols and the NFT market have significantly driven the adoption of Ethereum.

Powell believes that predicting prices is equally challenging, but by the end of the year, the price of Ether will be at least above $2,000.

Another hot spot Powell sees is Polkadot DOT. He stated:

Many projects are also issuing tokens through Polkadot, and due to lower transaction costs, we may see many protocols on Ethereum being ported to Polkadot.