Dan Held, the head of growth at Kraken, believes that the Supercycle may propel Bitcoin value to over a million dollars. According to him, the uniqueness of this current market cycle sets it apart from others which makes it very probable for the price of the asset to rise as high as that.
Held went on to state that the current market uniqueness is a one in a hundred-years occurrence. He further mention that the Covid-19 pandemic affected many financial institutions, hence making the printing of money by the central bank to be a boost to the cryptocurrency’s growth. The move by these central banks also pushed many retail investors into having a rethink about the crypto industry.
The Kraken top executive expressed his confident in the continued rise of digital assets saying that the bull run of the market is a big blow to many governments who have a monopoly over money. Before proceeding to add that he expects the governments to fight back against these digital currencies and this may not bode well for the many altcoins as they might be unable to survive the onslaught. He labeled this event as a “crypto mass extinction.”
He concluded by saying that the attack would have little to no effect on the value of the leading crypto coin by market cap because it was specifically built by Satoshi Nakamoto to resist censorship. In his words “Satoshi built the Blockchain to build Bitcoin, and he built it to be an incredibly resilient tool against government.”