Much like other leaders in the crypto industry, Kraken CEO and co-founder Jesse Powell believes that Bitcoin is a major game-changer and will continue to be one.
Bitcoin as digital gold
Bitcoin’s narrative has changed over the years. With the increased institutional adoption that has backed Bitcoin this year, BTC has slowly made its way into mainstream investments. One of the most revolutionary moves of 2020 may be corporations like MicroStrategy, Square, and Grayscale that have chosen to invest in Bitcoin, as traditionally, it has been associated with high risk due to its volatility.
Perspectives on Bitcoin have greatly shifted in 2020. In an interview with Bloomberg, Kraken CEO Jesse Powell explained why. He said that with the rise in inflation and the depreciation of the US dollar this year, triggered by stimulus printing, many investors have flocked to other stores of value to secure their assets. This has been what has ignited Bitcoin and tech stocks’ bullish momentum on the market. Powell explained:
“Holding the dollar seems like a risky process compared to something like Bitcoin, which is finite, predictable, and an even better store of value than gold.”
Powell associated this with the fact that investors no longer trusted national currencies and the dollar as a store of value, rather than the fact that the