Dan Held, head of growth at crypto exchange Kraken, said Bitcoin (BTC) is now in a much stronger position with the potential to skyrocket to $ 100,000 by 2021.
In an interview with crypto influencer Lark Davis, Held said that Bitcoin remains a risky asset as he predicts the Biden administration will print more money at an unprecedented rate.
“If you look at the option price in Biden, he is being priced into the market and his impact is being priced positive because he will spend more money. Money printers will get worse, and Democrats will probably operate at speeds even faster than Republicans and both at speeds we’ve never seen in US history … Terrible amount. Everyone̵7;s like ‘Bitcoin, at $ 100,000? Oh man, that would be a $ 2 trillion market cap. ‘I was like,’ Yeah, we just printed that much last week. ‘ “
Despite its bullish target, Held does not mitigate the probable threat of Bitcoin being halted, where large corporations like PayPal buy large amounts of BTC but do not allow depositing or withdrawing crypto assets from their ecosystem, this eliminates the need to settle on-chain transactions.
“If the big companies decide that they are not interested in Bitcoin’s first layer or in Bitcoin’s payment mechanism and then they [are] fine with settling together, then that gets pretty scary when it’s like, ‘Well, what if we just rebuilt the old system and no one cares about securing staging Class of Bitcoin? ‘ “
Held himself said he still strongly believes in Bitcoin’s core payments system and sees no reason to use any partners.
“We see it from a very important perspective, we don’t want to take any additional risks. Bitcoin as a payment mechanism is phenomenal, so I thought there would have been a really strong reason not to use it. “
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