Kraken CEO on BTC: ‘People Are Getting Ready To Go on Ramen Diets To Buy Bitcoin’

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In Brief
  • Jesse Powell still expects BTC to hit $200,000 this year.

  • Powell believes the current price is just a dip, with more upside expected.

  • The Kraken CEO reiterates that BTC is still a risky investment.

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Kraken CEO Jesse Powell believes that Bitcoin will hit $200,000 in 2021. Insinuating that people will be willing to go on Ramen diets in order to buy more BTC.

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In a recent interview with Bloomberg TV, Powell voiced his opinions related to the price of bitcoin. The Kraken CEO stuck to his previous price targets suggesting that BTC could hit $200,000 by the end of 2021. 

Powell commented saying “personally I am googling how to sell my kidneys at this point,” when talking about buying more bitcoin. He went on to add that “people are getting ready to go on ramen diets to buy bitcoin at these levels.”

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BTC dip nothing to worry about 

Powell remains extremely bullish on bitcoin, calling the recent price action “a little dip.” The price of bitcoin has dropped over 43% since reaching an all-time high of $64,800. 

Source: Tradingview

However Powell is optimistic saying “We’ve seen this over and over, crypto is a rollercoaster. You’ve got to be able to have an iron stomach to tolerate the ride, but the gains are massive for those that can handle it.”

Don’t put your rent money into BTC 

While Powell is bullish on BTC price moving forward, the Kraken CEO did reiterate that investors should not gamble their rent on BTC. “People absolutely should not be betting anymore than they can afford to lose, it’s still a very risky investment.” 

Powell admits that while investing in bitcoin is risky, he still believes long term it is “an absolutely fantastic investment.” Powell concludes that he would not be putting 100% of his portfolio into bitcoin, nor would he put his rent money into bitcoin.

Square CEO Jack Dorsey has also recently stated his bullishness on bitcoin. The CEO has previously stated that Square is considering creating a bitcoin hardware wallet. Dorsey believes that bitcoin is for everyone, and the hardware wallet will help get bitcoin into the hands of the masses. 

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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