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Date:
05th Mar 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

Jesse Powell: Bitcoin would Easily Reach $1 million in 10 years

The CEO of one of the oldest cryptocurrency exchanges, Jesse Powell, thinks the Bitcoin price will reach $1 million in 10 years. In his view, the Bitcoin price's path is northwards towards infinity, especially if it evolves to be a world's currency. Bitcoin has evolved to be a store-of-value asset that can also meet traders' needs as a medium of exchange. However, its short-supply and an ingrained deflationary feature make it a gem for institutional and retail investors. 


Details: 

In 2021 alone, the Bitcoin price has surged 70 percent, outperforming traditional assets like stocks. Accordingly, most BTC/USD traders are in green just from HODLing as a strategy. Comments from Jesse Powell, an influencer and one of the earliest adopters, reinvigorates traders' conviction that there is more upside for the world's most valuable digital currency. As of early March, there were roughly four million BTC. Every month, fewer holders are willing to sell their coins. The ferocious demand from institutional investors and the ease of purchase via ramps as CashApp is causing a supply shock. There is more demand for the coin than they are being mined.


Impact on the BTC Price: 

Bullish. Roughly two percent of the world's population own Bitcoin. In days ahead and with the increasing popularity of crypto, the number could rise. With 21 million BTCs to ever circulate, the unprecedented level of demand could pump prices to new levels, lifting prices towards levels that were thought to be outrageous.


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