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The bitcoin price has surged by 30% since it fell to its recent lows of $18,000 per bitcoin while the ethereum price has rocketed higher as hype builds over its long-awaited, radical upgrade. Over the last week, memecoins shiba inu and dogecoin have seen their prices make double-digit percentage gains as investors bet the U.S. Federal Reserve will change direction and reignite the crypto market.
Now, the chief executive of bitcoin and crypto exchange Kraken has said he’d “never bet against bitcoin” and expects to be able to buy a Bugatti with just one bitcoin by the end of 2022 (with a massive $10 trillion crypto game-changer perhaps closer than some think).
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“I bought in bitcoin again at $18,000, I’m happy to ride it back up,” Kraken CEO Jesse Powell told Bloomberg in an interview this week, adding he’s “still bullish on the long run” due to bitcoin’s “fundamentals” continuing to improve. “I’d never bet against bitcoin.”
The bitcoin price has fallen sharply since hitting an all-time high of almost $70,000 per bitcoin late last year due to an almighty price crash that wiped around $2 trillion from the combined crypto market.
However, many in the bitcoin and crypto space remain confident the price of bitcoin, ethereum and smaller cryptocurrencies, including memecoins shiba inu and dogecoin, will eventually rebound and far outdistance their previous highs.
Powell, who’s become the subject of controversy in recent months after the New York Times
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But some fear bitcoin, ethereum and other major cryptocurrencies could see a pullback in the short term after storming higher.
“The possibility of a correction in the short term cannot be dismissed, especially after the recent wave of strong gains,” Daniel Kostecki, a senior financial analyst at currency exchange platform Conotoxia, said in an emailed note.
Last week, Tesla
“It’s a manifestation of retail investor activity, similar to the run-up in meme stocks that is happening again in the stock markets,” Alex Kuptsikevich, FxPro senior market analyst, said in emailed comments.