The CEO of cryptocurrency exchange Kraken. Jesse Powell, has suggested a single bitcoin will be worthmore than a Bugatti by 2022.
In an interview with Bloomberg Crypto on March 31, he said the digital currency’s value should not be compared to U.S. dollars, but instead to what people could buy with it.
He said: “It might be easier to understand if we measure it in terms of Teslas. Like one bitcoin for one Model 3. Probably by the end of the year it will be one bitcoin per Lambo. Or probably by the end of next year it will be one bitcoin per Bugatti.”
The price of a Lamborghini depends on the model, but typically starts at between $200,000 and $500,000, according to the website Motortrend.com. A Bugatti Chiron supercar, the successor to the iconic Veyron, reportedly costs close to $3 million.
When Lambo? Probably by the end of the year, says @jespow.
— Bloomberg Crypto (@crypto) March 31, 2021
Powell is known for his support of bitcoin and speculated earlier this month that its price would rise to “infinity.”
He told Bloomberg TV on March 4: “Of course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think it’s going to infinity.
“This [U.S.] national currency’s…already showing extreme signs of weakness, and pretty soon I think people are going to start measuring the price of things in terms of bitcoin.
“The true believers will tell you that bitcoin is going all the way to the moon. Mars and eventually it’ll be the world’s currency. We won’t be measuring the price of bitcoin in terms of dollars but in terms of what else are we going to be buying with it.”
— Bloomberg TV (@BloombergTV) March 4, 2021
Bitcoin remains the world’s dominant cryptocurrency and reached a record high of just over $61,000 between March 13 and March 14. But its price is notoriously volatile and tanked to around $53,200 within two weeks.
A single bitcoin was valued at about $59,000 at the time of writing, according to CoinMarketCap’s real-time tracker.
Powell addressed his earlier “infinity” comments in his interview on Wednesday, March 31, conceding that the concept was “kind of hard to comprehend.”
He said: “I think I said bitcoin is going to infinity and that’s kind of hard to comprehend because I’m measuring it in terms of dollars.”
“I think those kinds of assets are easier to measure bitcoin against. Because you never know where the dollar is going to be. There could be 10 times as many U.S. dollars out there a year from now, so it’s really hard to measure bitcoin against the dollar.”