The director of business development for cryptocurrency exchange Kraken predicts the price of bitcoin is poised for a bull run “super cycle” following May’s halving.
Speaking in an interview with Lark “Crypto Lark” Davis, Kraken exec Dan Held explained that bitcoin is a set of market conditions that could exponentially increase the crypto-assets price.
Held highlighted the combination of May’s block reward halving, irresponsible monetary policy by the Fed and the global economic fallout from the coronavirus pandemic as bullish potentiators for bitcoin.
He said,
We’ve got a halvening. We’ve got a huge macro backdrop where banks are literally printing a million dollars a second, which happened a few weeks ago with the US, the Fed and the Treasury. And so, there couldn’t be a better moment for Bitcoin than now. I’ve waited eight years to see this.
Held compared the scarcity of bitcoin’s twenty-one million total supply to the “infinite” amount of fiat being printed. He predicted that bitcoin could enter a “super cycle” by late 2021 which would take the price of BTC beyond current bullish estimations.
He said,
We could see Bitcoin enter a super cycle…If the world truly fears their money being devalued – every institution, every sovereign wealth fund, every central bank – if they all truly fear that, Bitcoin’s not going to stop at $100,000 or $300,000. It could go up to a million or two.
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