The CEO of the cryptocurrency exchange Kraken, Jesse Powell, recently told Bloomberg that he remains positive on Bitcoin and expects its price to surpass that of the luxury automobile brand Bugatti.
Jesse Powell, CEO of the San Francisco-based exchange startup Kraken, recently told Bloomberg that he remained optimistic about Bitcoin and wanted to purchase a Bugatti for one Bitcoin before the end of 2022.
Bitcoin was exchanged for around $48,000 at the time. After Powell brought up his predictions on August 26th, he didn’t back down. Even though he did not anticipate the winter market to be so volatile, he predicted he would be able to purchase a Bugatti with one Bitcoin by the end of 2022.
At the time of publication, the price of Bitcoin was over $24,000, whilst the price range for Bugatti models was between $1.9 million and $3.3 million.
Powell followed his ongoing bullishness on Bitcoin: “I repurchased Bitcoin at 18,000, and I’m excited to ride the price back up. I’m still positive about the long term, as fundamentals continue to improve. Never would I gamble against Bitcoin.”
As soon as winter conditions were obvious, most of the large cryptocurrency exchanges laid off employees. Kraken did not participate in the layoff trend, indicating that the firm has no financial issues maintaining its 3,200 employees.
However, the exchange has more issues. On June 15, 2022, the CEO of Kraken was said to have lashed out at staff, saying they did not suit the company’s culture. According to the New York Times, Powell built a toxic atmosphere by “creating a cultural war” inside Kraken.