Bitcoin (BTC) price is grappling with the volatility that began in mid-May, where the coin has lost more than 40 percent of its value. Bitcoin, which fell to $ 28K at the beginning of the week, experienced a rapid recovery to $ 34K the next day. However, BTC, which could not hold on to this level, is trading below $ 31K as of the time of news.
On the other hand, the leading names of the industry have full confidence in cryptocurrency.
Kraken Co-Founder and CEO Jesse Powell was a guest on Fox Business on June 24. Commenting on the recent decline in the Bitcoin market, Powell used the phrase “It’s like a stroll in the park for me”:
“Ordinary days for me are like strolling in the park. That’s just a small drop, considering the roller coaster I’ve been on for 10 years.”
Powell argued that many new people entered the crypto industry during the last bull market, but they did not have much idea of the fundamentals of the market. Stating that such investors panic and sell even at the slightest drop, Powell thinks crypto money investments should be long-term:
“When we look at the 10-year charts, we see that Bitcoin has gained more value than any other asset in the world. Even last year, it has increased by 200 percent. When you look at Bitcoin over a longer time frame, when you look at its fundamentals, it continues to make sense.”
Kraken CEO, in a statement in April, claimed that the Bitcoin price would reach a level that could buy Lamborghini by 2022.
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