Jesse Powell, CEO of Kraken, one of the leading cryptocurrency exchanges, said that Bitcoin has an important place in a recent interview with Bloomberg. Stating that the global political and economic climate prevailing in the world shows the importance of Bitcoin, Powell argued that Bitcoin is still on the rise despite the declines. Powell reminded that the Bitcoin price target for the end of last year is $100,000.

   "I'm still optimistic about the price of BTC. Many of us thought we'd hit $100,000 last year, but you know you can't predict them."

powell

Kraken CEO said that the current situation in the world creates a suitable environment for people to use Bitcoin.

   “What we're seeing shows that there are many reasons for people to use Bitcoin. I mean, inflation is at an all-time high since the 80s. We all get it when we go to the supermarkets that inflation is well above 7.5%. This combined with other things, The restrictions on protests, for example, show that the use case for Bitcoin is getting stronger and there is more and more reason to believe it in the long run.”

Finally, Powell cited the Canadian truck drivers' Bitcoin donation campaign as an example, stating that Bitcoin solves real-world problems.

   "We all know that there is more to Bitcoin price speculation. Bitcoin actually solves real-world problems of people blocked by the government or central fundraising platforms. Bitcoin solves real-world problems and gives people direct access to money. I think this is a vote for freedom so Bitcoin is freedom."

Kraken is a United States-based cryptocurrency exchange and bank founded in 2011. The exchange provides trading between cryptocurrencies and currencies and provides pricing information to the Bloomberg Terminal.