$BTC Breaks Above $50K, Kraken Exec Says ‘Bitcoin Is a Vaccine Against Fiat’

On Sunday (August 22), as the Bitcoin price was preparing to break above $50,000 for the first time in over three months (i.e. since May 14), Kraken executive Dan Held said that the flagship cryptocurrency “is a vaccine against fiat.”

Held, who is currently Director of Growth Marketing at Kraken, was recently interviewed on the popular YouTube channel “Altcoins Daily”, where — according to a report by The Daily Hodl — he said that the current Bitcoin bull cycle reminds him of 2013:

“If we repeat 2013, we could see Bitcoin hitting between $300,000-$400,000 Bitcoin. Now. history usually rhymes, it doesn’t repeat itself, so it’s probably not going to be exactly that, but if it did, that would be my best price point.

“So my price point, I would say that I think it’s going to land probably between [$100,000 and $300,000]. But if we match 2013 again, it could be [$300,000 to $400,000].“

Last Saturday (August 21), Will Clemente, Lead Insights Analyst at Blockware Solutions, said that the strong conviction of BTC HODLers is helping to establish the floor for the Bitcoin price, something that the Kraken executive agrees with.

Earlier today, Ki Young Ju, the CEO of South Korean crypto analytics startup CryptoQuant, said that some of their on-chain metrics for Bitcoin were suggesting that that in the short term we should expect some small corrections to the Bitcoin price.

When it comes to the long-term outlook for Bitcoin, crypto analyst and trader Scott Melker, who is the host of “The Wolf of All Streets” podcast, told Kitco News anchor/producer David Lin last Tuesday (August 17) that he expects Bitcoin to eventually “flip gold” in market cap:

“For me, if you’re talking about 10, 20 years down the road, Bitcoin is easily a seven-figure asset.“

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Source: https://www.cryptoglobe.com/latest/2021/08/btc-breaks-above-50k-kraken-exec-says-bitcoin-is-a-vaccine-against-fiat/