Kraken CEO ‘Would Never Bet Against Bitcoin’, Hoping $BTC Price Hits Around $2 Million
On Tuesday (August 16), Kraken Co-Founder and CEO Jesse Powell talked about Bitcoin during a conversation with Matt Miller and Kailey Leinz on Bloomberg Television’s weekly show “Bloomberg Crypto”.
When asked by Leinz for his price prediction for Bitcoin, the Kraken CEO replied:
“I wasn’t expecting all this craziness in the macro environment. However, I’m still hopeful that I’ll be able to buy a Bugatti by the end of this year for one Bitcoin, but I wouldn’t hold my hopes out. Would you even want to pay for the gas for such a car at this point? I’m still very bullish. I bought Bitcoin again at $18,000; so I’m happy to ride it all the way back up. I’m still very bullish in the long run. The fundamentals keep improving. So, I would never bet against Bitcoin.“
It should be noted that currently the cheapest Bugatti model is the Veyron, which costs around $2 million new.
On August 11, crypto exchange Kraken released the results of its “second 2022 Proof of Reserves audit”, which has been expanded to include seven digital assets.
These seven cryptoassets are $BTC, $ETH, $USDT, $USDC, $XRP, $ADA, and $DOT.
According to Kraken’s blog post, “a Proof of Reserve audit is a trail-blazing accounting procedure that cryptographically verifies cryptocurrency holdings and account balances,” and the results of the most recent audit were “once again verified by top-25 global accounting firm, Armanino LLP.”
This audit verified that Kraken “securely held” user funds — held in the above seven digital assets — whether on the exchange or held in its (on-chain and off-chain) staking services.
In Kraken’s February 2022 Proof of Reserves Audit, Kraken verified the balance of its clients’ $BTC and $ETH holdings. Kraken says that by support the aforementioned seven digital assets, it has expanded the verification of “client balance coverage” to “63% of the total assets held on Kraken.”
According to Coin Metrics Co-Founder Nic Carter’s Proof of Reserves “Wall of Fame”, the only crypto exchange which has had any Proof of Reserves (PoR) audits completed in 2022 is Kraken.
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